Did Or Did Not Inspect Property Box

[Terrel L. Shields]

I have not read anywhere where this is yet a passed USPAP rule. Any thoughts on when this might occur?

Hopefully, NEVER. It is not a USPAP issue. Supplemental rules it is fine. Many, if not most, lenders are now happy as a clam with exterior only inspection. I don't like it and I don't do exterior only, but I do sign where my sub looks in the house, and I do not.

For reports I co-sign (please note my subs are Certified Res.), in the X box I type with the text tool, EXTERIOR ONLY. I also use the Multipurpose addendum and check off the correct boxes according to what I did. The only reason I co-sign is because some vendors have me only on the list and cannot accept a report prepared without my name on it. fannie mae and the underwriters seem only concerned about by subs credentials, not mine.

To do an exterior inspection only, imho, you still must obtain information from someone who is familiar with the interior...at least the owner and hopefully a third independent party. THe problem is how reliable are they. Does "Good" or "Average" mean the same to them as to you? Our assessors do not inspect interiors, therefore the information they provide is inadequate.

 

[Mike Simpson]

Location, Location, Location,

In my neighborhood, very--very--very few lenders will accept a report signed by the approved fee panel appraiser "did not inspect." In fact--I'm not aware of any.

I believe this is why the AQB has proposed the 2 trainee rule...too many unqualified (so called) appraisers running around offering value estimations!

You wanna know if Mr/Ms "did inspect" knows the rules???--propose you both call the state for clarification...then watch the blood drain from their face, or listen for the trembling voice on the other end of the phone.

-Mike

 

[Charlotte Dixon]

"Did Inspect" is just that. It's a real pain, costs the supervisor money because it takes time away from the supervisory appraiser's work day, but it's the law. I just became "unshackeled" from my last trainee, and she's my daughter. On the day the Appraiser Council viewed her log and voted her to be experienced enough to perform appraisal inspections alone (Rule and Regulation 4.2.3) I was overjoyed! That part is over, but still, there's the "ultimately responsible" for every appraisal the trainee performs, as indicated by the supervisory appraiser's signature. I couldn't imagine sending an inexperienced trainee out there alone, to begin with.