FHFA to allow alternative appraisal methods on purchases up to 97% LTV

[shrubberyvaluation]

First things first, define deficiencies.

It’s been my experience interior PDCs do show more “deficiencies”. But that’s expected when photos are taken behind washers/dryers, selfie sticks are used to take photos of every part of the roof including behind fireplaces, etc. I'm not saying all interior PDCs cover that much ground, but I have seen many photograph minor items that exist in all homes. When I asked one company about it I was told they are trained to take photos of EVERYTHING and let the appraiser decide. Problem is, when an appraiser decides a drywall screw pop behind the washer is minor they want statements about safety, soundness, marketability, cost to cure, etc.

I wouldn't decide based on a picture, tell them I need to go out and see it or they need to hire someone else to make the call. There have also been stories of PDC taking photos to hide that an entire bath was gutted.

 

[George Hatch]

I wouldn't mind adding more photos over some of the other nonsense that no one cares about.

That "needs more pics" may be coming soon to a UAD near you.

 

[shrubberyvaluation]

I could care less what you do bro. I'm telling you what the PDCs include. Are you saying they don't?

I honestly don't know, most stories I hear are of people finding out later there was a major deficiency that creative photography went around. There was a PDC for Clear Capital that used some of the same photos for two different properties.

 

[Non Sequitur]

I wouldn't decide based on a picture, tell them I need to go out and see it or they need to hire someone else to make the call.

And that will be your last assignment, I know because I've been there and done that. They just move on to the next appraiser, or train the next appraiser like True Footage, Accurity. RSDS, etc.

 

[shrubberyvaluation]

That "needs more pics" may be coming soon to a UAD near you.

Yes but there won't be any offsetting less info to put in. Not looking forward to measuring all the windows. and stuff.

 

[George Hatch]

As a result of this discussion I am now thinking it might be appropriate for me to at least take more pics. Even if I'm not presenting more in my reports.

That's the interesting thing about scope creep or report creep. Whomever establishes the higher expectation is setting the bar, with others eventually being pressured to keep up. I think it would be ironic if the user expectations for 1004s were increased as a result of what the non-appraisers are doing in their PDRs.

 

[shrubberyvaluation]

And that will be your last assignment, I know because I've been there and done that. They just move on to the next appraiser, or train the next appraiser like True Footage, Accurity. RSDS, etc.

Thats fine, I wouldn't want to work for them then.

 

[Non Sequitur]

That "needs more pics" may be coming soon to a UAD near you.

More photos and every software provider at the Valuation-AMC Expo is baking scan to sketch software (Scan to Sketch, Cubicasa, etc.) into their upcoming UAD workflow. I asked more than once "Is a scan to sketch going to be required?" and just got the side eye and one "I signed an NDA."

While what's coming is a world changer out of the gate, what's not getting discussed is once the new workflow is in place it will allow and quickly lead to reporting from the field and an ever-increasing amount of data collection (think embedded video via scan to sketch software).

 

[Non Sequitur]

Thats fine, I wouldn't want to work for them then.

I feel the same but gave it a try so I could say I did. I'm hoping there's a place for appraisers like us in the future.

 

[alebrewer]

I honestly don't know, most stories I hear are of people finding out later there was a major deficiency that creative photography went around. There was a PDC for Clear Capital that used some of the same photos for two different properties.

Ok...? I'm not defending the PDCs. I'm stating - for a fact - that they include more photos than any appraisal I've seen.