Flex Appraisals

[J Grant]

Just another hybrid appraisal. My thinking on fees is ... if they don't need a licensed professional to do the inspection, then its only worth taking $50 to $75 off my normal fee. I still have to verify whatever data they provide. That can take longer than doing the inspection in some of my market areas.

I would bet my house that if every appraiser followed your model and reduced the free only by a similar amount, these products would disappear overnight.

Some shills here sarcastically point out it is just about the fee when appraisers speak out about these products. The truth is it is even more about the fee for the profiteers and AMC's. Without a profit skim off the backs of appraisers, they would drop these products like a hot potato. There is no viable reason for them other than to provide profit to third parties and a weak excuse about turn time, which does not even improve in some cases.

If FLex appraisals, or whatever they call a product, are done to replace BPO's or AVM's, there might be a case for lower fees. However, if an appraiser signs it then it is an appraisal, and they always take longer if done properly than what an AMC; says. IF churned out fast, they are a data dump with a signature.