Help me with non-traditional appraisal products

[Mejappz]

Fixed it for ya

Right. That’s why I suggested if you have the choice between doing an eval and an appraisal the choice is obvious.

 

[George Hatch]

I'm curious what the prevailing fees are for an SFR eval?

 

[ucbruin]

I've been sued before over piffle - a report that they claimed they 'relied upon' yet was prepared days after the transaction closed. I actually had a recorded copy of the deed in the report.

You got sued on a "full" appraisal....

If your point is that any appraiser, regardless of product type, can be sued, okay....
But that still doesn't prove that "alternative appraisal products" create "more liability" than traditional appraisal products....

 

[ucbruin]

No one cares to read about the woes or ancient stories of old CG's.

Licensed in 1992
Upgrade in 1993
Upgrade in 1994
CG in 1996

Mine was opposite....
When licensing was required....
Started as CG in CA....
Downgraded to CR in RI & MA....

My shame....

 

[Terrel L. Shields]

But that still doesn't prove that "alternative appraisal products" create "more liability" than traditional appraisal products....

Why would they not create just as much liability?

 

[djd09]

Home Appraisal Discrimination​

For most homeowners, their house is their most valuable asset. And it's an asset that tends to provide a good return.

For example, the median sales price for homes in the U.S. was $327,100 at the end of 2019, according to data from the Census Bureau and the Department of Housing and Urban Development. By the end of 2023, prices were $423,200. This means that the median homeowner gained nearly $100,000 in value during that time.

Advocating for policy changes​

You can also advocate for policy changes. the National Fair Housing Alliance has a number of actions you can take, including urging Congress to consider Fair Housing in its budgeting process and HUD funding. Get in touch to find out how you can help.

Home Appraisal Discrimination: Understanding, Identifying, and Combating Bias

Learn about home appraisal discrimination, how to identify it, and steps to combat bias. Protect your property value.

www.businessinsider.com

it was bad enough to let the mortgage brokers influence appraiser...

 

[ucbruin]

Why would they not create just as much liability?

"as much"....
The same as....
"More work and liability"....

 

[Tiffany Gibbons]

Mine was opposite....
When licensing was required....
Started as CG in CA....
Downgraded to CR in RI & MA....

My shame....

Well, you didn't have to go through the experience hours, the 2 years as a trainee, required education, the interview with the state board, etc. after going through same for my CR. You took the same CG test that George made a 100 on. Now , some of you guys are retired or semi-retired but are still willing to take low fee work? I don't get why.

 

[Tiffany Gibbons]

You are the only CG I have ever seen on this forum who has been so bitter about what it took them to earn it or what it takes to get the CG work. Chronically and repeatedly.

As for the appraisers with whom I was impressed back in the day perhaps I'm easily impressed.

I did more than you did to earn the CG.I invested more, had to go through 2 more years as a trainee, pay for more education, have my appraisals scrutinized, go through an interview with the state, etc while working as a CR.
You took a test so easy you made 100.

If I'm the only one complaining about the current cost of commercial data services, like Costar, I'm sorry.

What exactly impressed you about those appraisers you met when getting your USPAP certification? I did notice none of them were women. Could you be biased?

 

[djd09]

The Importance of Getting Hybrid Appraisals Right​

A more streamlined appraisal process won’t materialize until lenders and appraisal management companies understand the critical need for credible, independent data collection.

Disappointment Quickly Sets In​

However, as I began a process of discovery, which included accepting hybrid assignments while they were being tested, I had more and more concerns. The first hybrid assignment I accepted was in 2019. It was for the purchase of a two-family property; I received a report with photos and data points. However, I did not have the name of the data collector, so I had no way to gauge the person’s credibility. If I am taking responsibility in this appraisal process, I need to know the source is reliable and credible and not biased.

I communicated with the appraisal management company’s client, asking for the name of the data collector. That simple request turned into a mountain of problems, explanations and arguments—with me needing to educate my client on the Uniform Standards of Professional Appraisal Practice. The result: I discovered the listing agent for the subject property was the data collector. Wait, what?! The listing agent is an advocate for the seller. How can I rely on data collected by a party who isn’t acting independently? If I were to do so, I would not be producing a USPAP-compliant appraisal report. I thought my client would understand. I stood my ground and mandated a third-party data collector. I even offered to have someone in my office complete the data collection. The AMC declined.

This appraisal took six weeks to complete. It would have taken one week if a traditional appraisal had been ordered and I had been able to inspect the property myself. The harm to the consumers on either end of that transaction was alarming.

Worse, I’ve since gleaned that my story is not unique, and this practice is still the norm. Stories I’ve heard from my fellow appraisers involve data collectors who:

• Were hired online, despite past criminal records.
• Report they are the appraiser and are given one-day MLS codes to occupied dwellings.
• Request repairs for maintenance items, despite the fact that they are not appraisers or home inspectors.

The Importance of Getting Hybrid Appraisals Right

A more streamlined appraisal process won’t materialize until lenders and appraisal management companies understand the critical need for credible, independent data collection.

www.nar.realtor

credible...no cheap and fast