Hybrid appraisal report

[George Hatch]

This seems to be something everyone else is missing on this thread. The OP is NOT going to be using the hybrid form. They are filling out a form online, created of course by the lender/AMC/whoever. These types of forms do not have anywhere for the appraiser to put in disclaimers, etc.

I personally think this is VERY dangerous and would decline the assignment for nothing more than liability reasons. But to each their own.

The OP already said it was this form in the first line of post #3.

It should go without saying that if a client is asking an appraiser to use a form that doesn't allow them to disclose and certify what they did and didn't do then that's a deal breaker. Obviously.

As for appraisal forms in the clouds, the tech geeks have been trying to get appraisers to do that since the 1990s. I know that from attending a focus group on that at one of the data vendors back then.

 

[J Grant]

Overview​

A hybrid appraisal reported on the Uniform Residential Appraisal Report (Hybrid) (Form 1004 Hybrid) or Individual Condominium Unit Appraisal Report (Hybrid) (Form 1073 Hybrid) are permitted for certain transactions and must conform to B4-1.1-04, Unacceptable Appraisal Practices. The minimum scope of work for hybrid appraisals includes consideration by the appraiser of interior and exterior property data collection by a trained and vetted third party (such as a real estate agent, insurance inspector, appraiser, etc.). The appraiser relies on the data collected (and other sources if needed) to identify property characteristics including condition. The property data collection must comply with the Uniform Property Dataset and be delivered to the Fannie Mae Property Data API.

From the fannie selling guide - a hybrid is a 1004 or 1073 form - the OP confused people by talking about an online form but calling it a hybrid appraisal.

Does it sound more like a desktop with exhibits? I don't know. I can not see the online form or know what the client calls the assignment but if they are not using a 1004 or 1073, then seems that it is not a hybrid as defined ty fannie/freddie-

 

[Dublin ohio]

The OP already said it was this form in the first line of post #3.

Actually the OP said that they downloaded the form from their software but the AMC said that it is to be completed online. Which doesn't make sense if it is a 1004 hybrid

 

[George Hatch]

Post #2 linked to the Fannie form and post #3 responded to that post. Perhaps the OP is in error and its some different format.

 

[Dublin ohio]

Post #2 linked to the Fannie form and post #3 responded to that post. Perhaps the OP is in error and its some different format.

The doing it online thing is the problem. Have never heard of an AMC providing a fillable 1004H for online use

 

[Dublin ohio]

The OP cold clear everything up by just saying what the LOE asked for.

 

[Surf Cat]

To all those appraisers who try to shame other appraisers for accepting work because they wouldn't....
I say F U....

It's like vegans telling others not to eat meat....
And you know what your response would be....

My problem is not the appraiser's that are willing to do these. It's the compensation which sometimes, is less then a driveby.

It's a product offered by the lenders and that product void needs to be filled. I haven't done one.....yet. However, my mentor has and I've got the lowdown on them. Make no mistake, it's a full appraisal without going out and inspecting the subject or delineating the neighborhood and inspecting the comps. So you save on the drive time, photographing, measuring....but you grind on the verifying the differences between the subject and MLS comps which again....you haven't seen from the car.

Based on discussing with my mentor and how he went through a few of these "seeing is believing". It's harder than you think when it's your signature on the line, attesting to the value.

The AMC's are making all the money. F those guys.

 

[Terrel L. Shields]

Unless he was a large vegan....

Kind of an oxymoron right?

 

[shrubberyvaluation]

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!

You are still required to do you own due diligence, and you are required to trust the 3rd party (GL with that one as I bet you don't even know the person).

 

[shrubberyvaluation]

The minimum scope of work for hybrid appraisals includes consideration by the appraiser of interior and exterior property data collection by a trained and vetted third party (such as a real estate agent, insurance inspector, appraiser, etc.).​

Who vets them? What real estate agents and insurance inspectors are trained to collect the data we need?