Hybrid Appraisal Extraordinary Assumptions

[bnmappraisal]

At least some are honest enough to admit that their primary concern is fee - not public trust

I've said several times on here, I don't think "hybrid" or "desktop" or whatever one wants to call them, reports are/can be acceptable. I've completed a few (private ones) in the past 2 years. My clients (again private/non lending/non AMCs) had no problem with the SOW and understood that I wasn't actually visiting/inspecting the subject property. I never left my desk. They also understood that the info/report was limited in that way (i.e. relying on public records for GLA vs actually measuring).

BUT

And reason I quote you DWiley, my fee was well above the $50-75 (depending on the property, they were only $50-75 LESS than my normal/typical fee) we see/know posted on here (and I know first hand from friends at AMCs offering these products****edited***** these fees are pretty common). I will be honest enough to admit that fee is one of the reasons I won't do such products. I'll never say never, but for now, there's no way I'd put my name/license/sig on such a product for $50/75. That's a business decision on my part, I'm good with that. I don't doubt these products will gain traction in the next few years. That's why I won't say "never." BUT ... again, I hope the fees gain traction too. I still think it's ridiculous at these prices. Just my opinion

 

[djd09]

 

[Meandering]

Where in USPAP does it say an appraiser has to inspect a property to do an appraisal (or if you want to go there) an evaluation?

Please cite the post where I said any thing about USPAP saying anything about inspections.

Boy,

You little princesses and your make believe, made up,
fairy tale, unicorn world, get funnier by the day.



Make stuff up to make yourself feel better if you want,
but don't attribute it to me.

 

[Mr Rex]

How about the know everythings,
Get TAF to change the USPAP first?

Hey there's an idea,
Or maybe it's just easier to get rid of it all together.

After all,
if clients are going to tell you everything you need to know,
and tell you what they only want to see in their reports,
what the heck do you need USPAP for any way?
Why even have TAF or the Appraisal Foundation?
Why have licensing, certs, and CE?

Heck, clients know what they want,
And they know what you don't know, and can tell you what you don't know, and you can agree with them.



Yup,
as long as anyone can inspect,
Why have a Certification just because they changed the report title to Appraisal, instead of evaluation.

Do you really need all those CE classes to recognize the report title is now Appraisal, so you have to have a license to sign it,
but nothing else is different than evaluation,

Except your license.

You didn't say it explicitly but you damn sure implied it.

 

[DWiley]

I've said several times on here, I don't think "hybrid" or "desktop" or whatever one wants to call them, reports are/can be acceptable. I've completed a few (private ones) in the past 2 years. My clients (again private/non lending/non AMCs) had no problem with the SOW and understood that I wasn't actually visiting/inspecting the subject property. I never left my desk. They also understood that the info/report was limited in that way (i.e. relying on public records for GLA vs actually measuring).

BUT

And reason I quote you DWiley, my fee was well above the $50-75 (depending on the property, they were only $50-75 LESS than my normal/typical fee) we see/know posted on here (and I know first hand from friends at AMCs offering these products, including your company DWiley, these fees are pretty common). I will be honest enough to admit that fee is one of the reasons I won't do such products. I'll never say never, but for now, there's no way I'd put my name/license/sig on such a product for $50/75. That's a business decision on my part, I'm good with that. I don't doubt these products will gain traction in the next few years. That's why I won't say "never." BUT ... again, I hope the fees gain traction too. I still think it's ridiculous at these prices. Just my opinion

Better do some fact checking before you throw out such an accusation aimed at me and/or my company.

For EVERY appraisal service we request from an independent fee appraiser we simply ask the appraiser to provide his/her fee for the service. Your insinuation that we are offering these out at $50/$75 is 100% incorrect.

In fact, we do not even currently engage panel appraisers for hybrid work. But hey, don’t let facts get in the way of an inflammatory post.

 

[bnmappraisal]

edited comment about your company

 

[bnmappraisal]

I still stick to my quote of your earlier post. (short answer) I am one that the reason I don't do these is because of the fee

 

[George Hatch]

I think the fees for these should be billed at double the hourly rate you guys charge for a 1004, and maybe higher. For all we know the lenders might be willing to pay the higher rate.

 

[djd09]

If they pay 50 bucks to the 'independent fee' appraisers, imagine what they pay their staff appraisers. two bits?

 

[hastalavista]

I think the fees for these should be billed at double the hourly rate you guys charge for a 1004, and maybe higher. For all we know the lenders might be willing to pay the higher rate.

That would make sense to me.
If I'm Bank A and I pay $400 for a 1004, but for a specific loan transaction, I don't need an 1004 (a hybrid meets what I need), why wouldn't I be willing to pay up to $400 for the hybrid? (especially if the process is quicker because the inspection component is not dependent on the valuation analyst; i.e., the appraiser?).
The only reason why I wouldn't is because I can get it done for less than $400. If I have to pay $300, that's what I'll pay. But if someone is willing to do it for $150, I'll pay that as well (all those fees I've used have to be segregated between the inspector and the appraiser).