Hybrid appraisal report

[David S]

Working on a hybrid appraisal report. AMC said let me wait 3rd party to provide PDC file and they will provide everything, then start the report. What does that mean? Who select comps? What if I disagree 3rd party information and comps list? What shall I put some extra comments to say the appraiser didn't personal inspect the property and rely on PDC file, MLS and public information to conclude the market value opinion? Any suggestion? Thanks!

 

[Terrel L. Shields]

Go with the instruction on the 1004 Hybrid form. Good luck -

https://singlefamily.fanniemae.com/media/31806/display

 

[David S]

Thanks! I downloaded this form from the software company already. But AMC said once the PDC file is ready, they will upload it into a website / platform and I shall complete the rest report there. My question is: How to put some language to say I am not responsible for the property inspection, sketch and photo accuracy etc. ?
Another thing: The subject just resell in early this April (seasonal price high time) and apply refi now (seasonal price low time). Comps shows about 5% price drop. But I also heard the lender will treat house value unchanged for the most recent 6 months? How we shall handle that?

 

[George Hatch]

Working on a hybrid appraisal report. AMC said let me wait 3rd party to provide PDC file and they will provide everything, then start the report. What does that mean? Who select comps? What if I disagree 3rd party information and comps list? What shall I put some extra comments to say the appraiser didn't personal inspect the property and rely on PDC file, MLS and public information to conclude the market value opinion? Any suggestion? Thanks!

As I understand it, you select the comps, you do the analysis and you make the comparisons. As for where to provide your disclosures as to who did what, the top half of pg 3 of the form has all the room you need to say what you have to say. And the cert #2 on pg 5 reiterates that you didn't inspect.

 

[Mejappz]

Dear God help me.

 

[David S]

As I understand it, you select the comps, you do the analysis and you make the comparisons. As for where to provide your disclosures as to who did what, the top half of pg 3 of the form has all the room you need to say what you have to say. And the cert #2 on pg 5 reiterates that you didn't inspect.

View attachment 91093

Thanks!

Which date will be the Effective Date of Appraisal? The person did PDC or the date I received the PDC file? It might have a couple of days gap, like if the person did PDC today Friday, then AMC supply me the PDC file next Monday? Which will set my comps selection cut off date.

 

[Surf Cat]

Man, seems like you need to take a class on hybrids.

Mckissick has an online option that you can complete in 3 hours. You can probably get that done before the PDC gets you the information from the subject.... you need the PDC photos / info anyways.... how are you going to choose the comps without the info?

 

[ExplainDNA]

Why would any self respecting professional do this sort of thing?? JUST SAY NO.

 

[Surf Cat]

Why would any self respecting professional do this sort of thing?? JUST SAY NO.

My mentor whom is an AG, did these for a little while. He loved the idea of not driving in Los Angeles traffic. He was also convinced by the AMC monkey that he could do these in a couple hours. No such luck.

He called me and I could tell he was grinding. "What do you think of this?" He would say and explain the scenario. Not being emotionally attached, I ran through my set of checklist questions...." do you have a couple sales within the last 3 months? Are they within a half mile? Do you have one with equal bedroom and bath count? Are you bracketed in GLA and lot size?" You all know the drill.

Then I'd say to him "you have all the bases covered. So, what's the problem?" He said "I'm unsure because I didn't inspect the subject"  I almost fell out of my chair laughing.

My thought on these is that I would treat them like a drive-by. I wouldn't be aggressive nor frugal.... I'd opin on the safe side. I figure if they wanted an opinion as accurate as possible, they'd send me out there.

 

[sputnam]

Do what many appraisers never do. Read the limiting conditions and certifications that are built into the form they want you to use. All of the hybrids I've reviewed had the language explaining who did what built in. It's your job to review the data provided, to decide if it's credible or not, and to develop an opinion of value.