GSE Waiver & Data Collection Data

[shrubberyvaluation]

Property data collectors only observe and report. They don't call for repairs or report a condition rating. Appraisers call for repairs/inspections, based either on their personal inspections or review of a property data report.

What the data shows is that when the appraiser relies on a property data report, the condition rating (of the appraiser) is more likely to match the actual definitions of the ratings, and there is a significant reduction in (the appraiser) missing repairs/inspections that should be called out.

If one looks at a property data report done in accordance with the UPD, its pretty easy to see why this would be the case. The PDR has far more information than most appraisers have in their field notes. As I said before, if I was still in the field I would be look at the data collection apps for use as an appraiser.

Not sure what else they have in their notes, measuring, I make note of all major components and their condition, anything else that could have an effect on value, and anything that might require repair or further inspection, and anything else needed to fill out the grid like if a basement has a walkout and if there is a garbage disposal.

What are some of the things in the notes that would get an appraiser to change their condition rating? And why would it be more accurate then seeing the property yourself?

 

[CGinMN]

There are appraisers who never measure and spend 5 minutes zipping through properties, never calling for repair. There are appraisers who meticulously document every scratch and dent. It sounds like the apps just force its users to get uniform results for a guideline that is still very open to interpretation.

 

[George Hatch]

Maybe its a case where an attribute is already documented by the time the appraiser gets the assignment so they can't just ignore it the way they can when they control which attributes get documented.

 

[shrubberyvaluation]

Maybe its a case where an attribute is already documented by the time the appraiser gets the assignment so they can't just ignore it the way they can when they control which attributes get documented.

I was thinking this too, also if a picture makes something look bad, but you couldn't see it yourself, best to just call it out. Or if the picture notes something, you know its nothing, but you don't want the headache so you just call it out since its documented and its easier than fighting the AMC. For instance knowing when foundation carcks are cosmetic and when they may need further inspection, but if the PDC puts cosmetic cracks all over documented, easier to just shove it off for inspection, rather than get dinged by the AMC.

 

[chad hampton]

Makes sense, with all the liability, additional assumptions, and disclaimers you have to do when relying on non-licensed appraisers performing appraisal services, you might as well call out for every little thing you see. If I did these bastardized products, I'd do the same.

 

[shrubberyvaluation]

Makes sense, with all the liability, additional assumptions, and disclaimers you have to do when relying on non-licensed appraisers performing appraisal services, you might as well call out for every little thing you see. If I did these bastardized products, I'd do the same.

Yea call it all out, especially not sure. Could be worse than the pdc documents. For instance if there is a cosmetic crack in the foundation noted but a crack that does warrant further inspection not noted you could get burned for not calling out for inspection for the cosmetic one. If someone questions the repair, say I wasn't there but the pdc seemed to feel it was important.

 

[shrubberyvaluation]

Yea call it all out, especially not sure. Could be worse than the pdc documents. For instance if there is a cosmetic crack in the foundation noted but a crack that does warrant further inspection not noted you could get burned for not calling out for inspection for the cosmetic one for further inspection.

 

[The Bob]

In a way the PD report is a blessing for the appraiser. "Hey, I didn't call it out. Your inspector did."
Because we all know lender's have never pushed-back on an appraiser calling out for an inspection or repair.

 

[CGinMN]

It is not unimaginable that in the near future that technology will allow appraisers to use their phones to point out all sorts of potential defects with things they are not traditionally experts in. Electrical, structural, roofing, moisture, etc. The result will be calling for more repairs, more third party inspections, if that is the goal.

Appraiser used to mean one who provides an opinion of value free from bias.

 

[Zoe]

I never have understood why GSE don't just call an appraiser up and say we need to talk about this.

No, they just want to send a complaint to a State board. That never has made sense to me. I guess it is because the GSE is not the client in many cases and don't feel they have authority to help appraisers do something better where the appraiser might be failing.

I don't understand all the logistics or ins and outs of why GSE can't do that.