First Hybrid request.

[djd09]

We used to all be in some sort of agreement of what an appraisal service consisted of. Maybe Glenn is right, it’s just a signature and value at this point?

I remember eight years ago everybody was in agreement that quality and condition were opinions, and those would always be in the appraisers control. GSE approved software now brags about they determine quality and condition. I would argue that what you do at an appraisal inspection is not simply data collection. You develop a lot of opinions when you’re walking around and inside a property.

The next step is the computer will be giving a value and you will be signing off on it. And then eventually that will go away too.

You got to eliminate the virus immediately otherwise it grows.

next they will say you are independent...fannie forms, fannie guidelines, fannie ratings, fannie review, fannie steals your intellectual property, fannie uses it turns you into the state, fannie waivers, fannie on 15th st, and so on and so on

 

[Surf Cat]

They're not a professional, and yet they're inspecting the house. Exactly what I was stating. Thank you.

Not to get in-between you and J, Ale....but a buyer will typically have a Home Inspection Professional, whom has over a 140 hours of ASHI training, usually with a background in construction, and carry liability insurance. They do a complete inspection of the properties structure and systems calling out health and safety issues, disrepair and code violations.

They were approximately 300 bucks a few decades ago when we bought our properties. Extremely important in my opinion prior to pulling the trigger on such a large purchase.

They were not some random, junior realtor or Uber driver with a 5-hour training video under their belt devising the reports. Or, relaying the information to a qualified home inspector.

 

[Airstream]

Not to get in-between you and J, Ale....but a buyer will typically have a Home Inspection Professional, whom has over a 140 hours of ASHI training, usually with a background in construction, and carry liability insurance. They do a complete inspection of the properties structure and systems calling out health and safety issues, disrepair and code violations.

They were approximately 300 bucks a few decades ago when we bought our properties. Extremely important in my opinion prior to pulling the trigger on such a large purchase.

They were not some random, junior realtor or Uber driver with a 5-hour training video under their belt devising the reports. Or, relaying the information to a qualified home inspector.

And you know if I can get my hands on that report it is invaluable as an appraiser. I had one instance where the inspector found a condition that resulted in me lowering the value of the property.

 

[TerryRohrer]

And you know if I can get my hands on that report it is invaluable as an appraiser. I had one instance where the inspector found a condition that resulted in me lowering the value of the property.

I have never found the results of a home inspection invaluable as an appraiser, nor have I ever pursued acquiring them. What condition did you learn about that led to a lower valuation?

 

[DWiley]

Not to get in-between you and J, Ale....but a buyer will typically have a Home Inspection Professional, whom has over a 140 hours of ASHI training, usually with a background in construction, and carry liability insurance. They do a complete inspection of the properties structure and systems calling out health and safety issues, disrepair and code violations....


They were not some random, junior realtor or Uber driver with a 5-hour training video under their belt devising the reports. Or, relaying the information to a qualified home inspector.

Best I can tell, all one has to do to be a home inspector in CA is to say that you are one. CA does not license or regulate home inspectors.

 

[djd09]

the uber driver inspector wont give you their name...or their E&O insurance...this what what the unethical stakeholders call transparency

 

[Surf Cat]

The decision to raise the appraisal de minimis threshold—the transaction value below which a formal real estate appraisal is not required—was a collaborative initiative proposed and enacted by three federal banking regulators:

The Federal Deposit Insurance Corporation (FDIC)

The Federal Reserve Board

The Office of the Comptroller of the Currency (OCC)

The Origin of the Idea

The mandate to find and change this rule came from the Economic Growth and Regulatory Paperwork Reduction Act (EGRPRA). This law requires federal banking agencies to review their regulations every 10 years to eliminate outdated or unnecessary burdens.

During the joint regulatory review process completed in March 2017, the agencies identified that the appraisal thresholds had not been updated since 1994, despite massive shifts in property values.

Driving Influences:

Banking Industry Advocacy: Financial institutions and major industry trade groups, such as the American Bankers Association (ABA) and the Independent Community Bankers of America (ICBA), strongly pushed for the changes. They argued that a higher threshold was desperately needed to cut closing costs, reduce transaction delays, and alleviate shortages of certified appraisers in rural areas.

Regulatory Consensus: While the Consumer Financial Protection Bureau (CFPB) originally blocked a similar proposal in 2017 over consumer protection concerns, they reversed course and officially signed off on the residential increase in 2019.

Resulting Actions

As a direct result of this joint effort, federal regulators officially raised the commercial real estate appraisal threshold from $250,000 to $500,000 in 2018. Shortly after in 2019, they raised the residential home sale threshold from $250,000 to $400,000.

Yo Ho Yo Ho the pirates life for meeee...

 

[Joe Flacco]

Amazing how timely things are. I stated on the forum I hadn’t done a hybrid, and today I get asked to bid on one. I bid $600. You can tell I really didn’t want to do it. Whoever did the inspection took horrible photos. Couldn’t see the condition of the roof, the siding, the windows, etc. And when I looked at what I could see it didn’t look good. Flooring looked stained and worn. Yet no mention of it as a deficiency in the data collected. One wonders what else he didn’t point out.

When we sign these things THE APPRAISER becomes responsible for the content of the report. I’m not going to depend upon an unknown third party.

Again this is a way for lenders to get by cheap. Pay some flunky $75 to do a half cocked job (pay for what you get), and hang the appraiser with a cheap fee and the liability. NO THANKS.

Did you get the order?

 

[TerryRohrer]

Best I can tell, all one has to do to be a home inspector in CA is to say that you are one. CA does not license or regulate home inspectors.

Well, that is rigorous! Thank god they are more qualified than some random, junior realtor or Uber driver with a 5-hour training video under their belt!

The amount of ink and breath and bits wasted by appraisers making up arguments and assertions and facts to convince themselves and one another how badly the world is treating them, and how necessary their function is, is astounding. If appraisers as a group dealt with facts and the truth in the same manner they are expected to while developing and reporting appraisals, they might have a collective voice. Maybe even one that could do some good in convincing the world how useful their function can be. Makes you wonder about the content of appraisals written by the same folks.

 

[Surf Cat]

Best I can tell, all one has to do to be a home inspector in CA is to say that you are one. CA does not license or regulate home inspectors.

You're right.....However, they cannot just do whatever they want. The profession is governed by the California Trade Practice Act (codified in the California Business and Professions Code Sections 7195–7199). This law dictates explicit legal duties, strict anti-conflict rules, and operational requirements they must adhere to.

What act/laws are property data collectors governed by?