Hybrid and Desktop Inspectors

[J Grant]

This appraiser is not up in arms at all. Actually, I’m thrilled with that requirement for the desktop product.

The more data I receive, the better. Always felt the same about construction appraisals involving plans and specs, and see these in a similar light with a noted exception of the EO/HC being disallowed.

You misunderstood my post. I think some will be confused with a desktop and ultimately a hybrid being different since both will include 3rd party inspection information.

But nobody inspects as the 3rd party information in a desktop. Unless you count the homeowner walking around with an iphone entering photos/dimensions from their house an inspection?

 

[ZZGAMAZZ]

I have a friend who managed a RE brokerage locally and she told me many agents did BPO's for this reason - the fee stank, but it gave them an opportunity to market to the properties around it they just did a BPO on a neighbor, they are the market experts, they'd be happy to drop by and give a CMA etc - end goal is to procure listings or buyers

Inserting them into the appraisal elevates the status of the RE agents or REALTORS, and weakens status of appraisers. In the eyes of an owner or buyer, it just looks like the appraiser was too lazy to inspect or the RE agent is "better" at it, so that is why they are there instead.

This debacle is a failure of USPAP. USPAP does not require an inspection, but it could make inspecting a property for appraisal use/purpose part of appraisal practice. Instead, inspections are treated as a grey area, if they involve an opinion they are considered part of appraisal practice, if no opinion then not.

Note that the appraiser will not be having interaction or contact with the third party inspector, lest the conversation bring forth an opinion from the inspector -

Perhaps I will inspect as a Realtor, and report as a Certified Appraiser. Two different entities earning a total fee that exceeds traditional reasonable & customary for a residential appraisal ????

 

[Dale Floyd]

But nobody inspects as the 3rd party information in a desktop. Unless you count the homeowner walking around with an iphone entering photos/dimensions from their house an inspection?

In a recent request, we were provided a 3rd party inspection report. Pretty exhaustive by any definition. compared it to our prior inspection information, and it was solid.

These new desktops approved by the GSEs will have data. Clients talking about them, are referencing realtors as providers of the information, including layouts and sketches. So these are not the type of desktops we saw requests for in the past. We’ll see what comes of it.

 

[djd09]

going to be better than your hypothetical.

which part was a hypothetical?

 

[J Grant]

In a recent request, we were provided a 3rd party inspection report. Pretty exhaustive by any definition. compared it to our prior inspection information, and it was solid.

These new desktops approved by the GSEs will have data. Clients talking about them, are referencing realtors as providers of the information, including layouts and sketches. So these are not the type of desktops we saw requests for in the past. We’ll see what comes of it.

To clairfy there will be no third party inspection report in a 1004 Desktop. That s unless you, or somebody engages a Realtor to enter sketch into an ipone app for the floorplan.

 

[Terrel L. Shields]

The photos and the FloorPlan will come from sources other than the appraiser

I can google an address and if sold within the last few years, I can find picture of at least the front. I cannot find a floor plan anywhere.

 

[djd09]

What confuses me is why appraisers seem so up on arms about the FloorPlan requirement. If the appraiser is not inspecting would a FloorPlan not be very useful ?

are they making loans based on floor plans? i hope not

 

[Terrel L. Shields]

Perhaps I will inspect as a Realtor, and report as a Certified Appraiser. Two different entities earning a total fee that exceeds traditional reasonable & customary for a residential appraisal ????

dream on

 

[Dale Floyd]

To clairfy there will be no third party inspection report in a 1004 Desktop. That s unless you, or somebody engages a Realtor to enter sketch into an ipone app for the floorplan.

The new Desktops will have a floor plan with interior walls. Even the lender is tasked with making sure that’s in the report. According to them, ANSI standards are required. Not sure how that can be supplied without somebody doing an inspection.

 

[J Grant]

Where did you read the desktops will Have a floorplan" what does that mean? or that the lender will be tasked with making sure that's in the report?

From what I understand the appraiser is stuck chasing down a floorplan ( or creating the floorplan via a phone app with the homeowner or a RE agent who use the app on site )

The FANNIE website has info and a FAQ on the 1004 desktops