FHFA to make desktop appraisals permanent for purchases in 2022

[Zoe]

I know people that have farmland in Mississippi Delta that would laugh at 5 million. I am not kidding. It would be like a $5 offer to them. May $0.10 offer

 

[Jayjay25]

I would love to see how the appraisal industry truly affected the real estate market if it was actually independent like it is intended. Without the injection of inflated comparable sales caused by appraisal (property inspection) waivers, AVMs or appraisers hitting the bullseye due to lender pressure and the fear of losing future work. The appraisal industry is continuously being manipulated by the lending industry and then everyone says appraisals are worthless. Maybe if both industries’ existing regulations were actually enforced as opposed to constantly creating new unenforced regulations then we could see what a real market looks like and what affect appraisals would actually have on it.

 

[glenn walker]

I would love to see how the appraisal industry truly affected the real estate market if it was actually independent like it is intended. Without the injection of inflated comparable sales caused by appraisal (property inspection) waivers, AVMs or appraisers hitting the bullseye due to lender pressure and the fear of losing future work. The appraisal industry is continuously being manipulated by the lending industry and then everyone says appraisals are worthless. Maybe if both industries’ existing regulations were actually enforced as opposed to constantly creating new unenforced regulations then we could see what a real market looks like and what affect appraisals would actually have on it.

Appraisers do not make markets or values at best they are lenders referees whose only need is too make sure the property is there and standing and arrive at a value near or what they want and need. its always been that way so they kept adding more and more Overlays to keep us busy and make us feel like we are really accomplishing something. Those 44-Page-Paper Weights make auditors feel very safe and secure. Now as the cost has gotten too high they realzie its time to pull the shades back and just let appraisers drive bye and be done. The Covid-19 Profiteers started taking advantage of people when they were down and those $1,000 Plus URAR will come back down to earth now that between Waivers and Desk-tops move into the forefront in 2022. My guess is by end of first Quarter 2022-in CALI Refinance and Purchase Volumes will have dropped of substantially and we have thousands of appraisers who will under cut the ones who currently got used to big fees.

 

[Zoe]

Strong possibility because interest rates will have to rise soon.

 

[Zoe]

I don’t think Biden can control interest rates. No way. They will rise.

Income levels is only thing stopping interest rates from rising now. They may drop to 1%.

 

[Zoe]

Let gas prices go to $5 a gallon and get ready. Natural gas prices will hurt this winter on heating bills.

I like cold weather. I can sit in underwear at 65 degrees.

 

[glenn walker]

I don’t think Biden can control interest rates. No way. They will rise.

Income levels is only thing stopping interest rates from rising now. They may drop to 1%.

Ultimately the Bond market controls interest rates but the Federal Reserve has been buying our own bonds which has held rates artificially down. At some juncture the Bond Vigilantes will no longer purchase them at these low rates and rates will go up.

 

[NC Appraising]

Certifieds can get their trainees or other warm body persons to do them and they can just sign it. AMCs with staff and larger skippy firms dream come true. Churn and burn those desktops......lenders are happy as they can lock in the borrower in faster.....no shopping around.....


Bad for everyone.


PS.....BUYERS ARE STILL ENTERING THE HOME...AGENTS ARE STILL ENTERING THE HOME..HOME INSPECTORS ARE STILL ENTERING THE HOME.. MORE BS.

 

[ucbruin]

"Certifieds can get their trainees or other warm body persons to do them and they can just sign it. AMCs with staff and larger skippy firms dream come true. Churn and burn those desktops......lenders are happy as they can lock in the borrower in faster.....no shopping around.....


Bad for everyone.


PS.....BUYERS ARE STILL ENTERING THE HOME...AGENTS ARE STILL ENTERING THE HOME..HOME INSPECTORS ARE STILL ENTERING THE HOME.. MORE BS."
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"Shopping for their first home in New Jersey, Alyse Storzieri and her boyfriend Robert Engel faced a tough market. So when they found a house they loved last June, the couple followed their real-estate agent’s advice to make their offer stand out. They went over the asking price, tripled their down payment amount and agreed to waive the home inspection."

How home inspectors are adapting​

"Nick Gromicko, founder of the International Association of Certified Home Inspectors, acknowledges that many of today’s buyers see this crucial step in the homebuying process as an obstacle.

“If you’re in a hot market and you put an inspection rider on your contract, that makes your offer worth less in many sellers’ eyes,” he says. But at the same time, Gromicko notes, a home inspection’s purpose is to help buyers avoid purchasing a home that could turn out to be a “financial disaster.”

For buyers who are feeling pressured, Gromicko suggests bridging this gap with a “walk-through inspection.” In this scenario, buyers would bring a home inspector with them to the home to do a visual assessment during the initial walk-through, rather than having a full inspection at a later time.

Gromicko came up with this solution, and a basic contract inspectors can use to define the scope of a walk-through inspection for clients, out of necessity.

“It’s not in my industry’s best interest to have [buyers] do something less than a full home inspection,” Gromicko says of the walk-through inspection. “The client doesn’t really have a full home inspection to rely upon, and the home inspector doesn’t have a full three hours and all his tools and meters to rely on. But it’s better than nothing.”"

In an effort to win bidding wars, home buyers are skipping inspections. Is it wise?

Home buyers are opting to forgo home inspections to make their offers appear hassle-free, but it could be a costly mistake.

www.marketwatch.com

Adapt or die....

How do Desktops give "AMCs with staff and skippy firms" an advantage over the "good appraisers"....
It's not as though "AMCs with staff and skippy firms" will be the only entities allowed to complete Desktops....

BTW has anyone read a home inspection report....
Just like appraisal reports it is full of boiler plate disclaimers....

 

[ucbruin]

Traditional 1004 inspection....
Bedroom....
Does anyone really believe that the homeowner would have been able to hide this....
When providing Desktop photos to the appraiser....