It would take less than 5 minutes to fill out pg 1 of this 2pg report form
So what? Are you saying that an appraiser can simply fill it out in a vacuum? That they can ignore researching the comps and having sufficient evidence to write a summary report? An evaluation can literally fill out the form with almost nothing, no research, no confirmation, no real analysis. The lender or loan officer can do the photo and inspection. A photo is 'proof' of an inspection.
An evaluation’s content should be documented in the credit file or reproducible. The evaluation should, at a minimum:
•
Identify the location of the property.
•
Provide a description of the property and
its current and projected use.
• Provide an
estimate of the property’s market value in its actual physical condition, use and zoning designation as of the effective date of the evaluation (that is, the date that the analysis was completed), with any limiting conditions.
•
Describe the method(s) the institution used to confirm the property’s actual physical condition and the extent to which an inspection was performed.
• Describe the analysis that was performed and the supporting information that was used in valuing the property.
• Describe the supplemental information that was considered when using an analytical method or technological tool.
•
Indicate all source(s) of information used in the analysis, as applicable, to value the property, including:
o
External data sources (such as market sales databases and public tax and land records);
o Property-specific data (such as previous sales data for the subject property, tax assessment data, and comparable sales information);
o Evidence of a property inspection;
o
Photos of the property;
o Description of the neighborhood; or
o Local market conditions.
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