Help me with non-traditional appraisal products

[djd09]

post the last 1004 you did...

 

[George Hatch]

Why? Are you concerned that I have somehow forgotten how to ride a bike?

 

[djd09]

yes..

 

[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

they dont quote these...

 

[George Hatch]

I appraise 1-4s every year, and I perform a certain number of review on 1-4 appraisals every year. Of course, they're all more complicated than a lender would assign to someone like you, but you seem to think appraising tract homes is some kind of flex.

I use appraisal forms every week. They're just not the GSE forms. I appraised (2) 4-plex properties last week and I'm appraising a half-completed spec home later this week. These are bikes you have never learned how to ride.

 

[djd09]

the sow is defined by the complexity of the appraisal assignment...and the reporting requirement of this form...including the definition of market value, limiting conditions, and certs...The Appraiser Must (not should) perform a complete visual inspection of the exterior and interior of the subject property...

no more free lessons....

 

[Dublin ohio]

the sow is defined by the complexity of the appraisal assignment...and the reporting requirement of this form...including the definition of market value, limiting conditions, and certs...The Appraiser Must (not should) perform a complete visual inspection of the exterior and interior of the subject property...

no more free lessons....

^^^^^^ Limited knowledge=limited understanding

 

[djd09]

15 Times 2024 Was Orwell’s 1984​

1. Don’t Believe Your Own Eyes​

“The Party told you to reject the evidence of your eyes and ears. It was their final, most essential command.”

15 Times 2024 Was Orwell's '1984'

Here are 15 instances demonstrating how quotes from Orwell’s nightmarish dystopia have become descriptors of reality.

thefederalist.com

 

[George Hatch]

the sow is defined by the complexity of the appraisal assignment...and the reporting requirement of this form...including the definition of market value, limiting conditions, and certs...The Appraiser Must (not should) perform a complete visual inspection of the exterior and interior of the subject property...

no more free lessons....

You know that Fannie has at least one appraisal form that doesn't assert personal inspection by the appraiser, right? Your "always" doesn't exist in the Fannie/Freddie forms.

I'm not a specialist in this one niche of appraising to the exclusion of all other appraising, but even I know that much about the GSE programs. Why don't you?

 

[djd09]

11. Hypocrisy From Government Agencies​

“The Ministry of Peace concerns itself with war, the Ministry of Truth with lies, the Ministry of Love with torture and the Ministry of Plenty with starvation. These contradictions are not accidental, nor do they result from from ordinary hypocrisy: they are deliberate exercises in doublethink.”