Hybrid appraisal report

[shrubberyvaluation]

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.

View attachment 91101

I do have a problem with them. They won't let a trusted trainee do the inspection, but someone of another profession is allowed to do it, and most of these people don't want another appraiser (perhaps because they want to facilitate a report with faulty information).

I wouldn't have a problem if it was a hybrid done by an inspector vetted by the appraiser that they can trust.

 

[Surf Cat]

Except that, with a drive by you're basing the interior condition (generally) on MLS photos - which were provided by a party interested in the transaction. The PDC is (as we are) a disinterested 3rd party. I've always found it entertaining that appraisers are willing to consider a Realtor's photos as 'unbiased', but not so with a PDC. Seems backwards to me.

True..... but at least you drove by the comparables and after going through all the flowery write up, you decode the condition of the comparable against the subject, which you've seen. Doing a comparison to determine the value of the subject vs the comps all sight unseen is the trick.

 

[Overimprovement]

Except that, with a drive by you're basing the interior condition (generally) on MLS photos - which were provided by a party interested in the transaction. The PDC is (as we are) a disinterested 3rd party. I've always found it entertaining that appraisers are willing to consider a Realtor's photos as 'unbiased', but not so with a PDC. Seems backwards to me.

There is a fundamental difference in utilizing 3rd party pictures for comps vs the subject. Comp pics from agents are the best possible choice. Subject pics from a 3rd party are NOT the best possible choice. The comps do have the closed (and hopefully) verified sales prices to back up what is shown in the pictures.

 

[Surf Cat]

I do have a problem with them. They won't let a trusted trainee do the inspection, but someone of another profession is allowed to do it, and most of these people don't want another appraiser (perhaps because they want to facilitate a report with faulty information).

I wouldn't have a problem if it was a hybrid done by an inspector vetted by the appraiser that they can trust.

I'm with you. A property data collector should have an appraisal license PERIOD. That's trainees included. If the lender wants to move on to a full appraisal, the appraiser that did the initial inspection should have first dibs on doing that report.

All common sense just went out the window with any Tom, Dick and Harry being able to inspect ones most valuable asset. It's mind-numbing. It just proves that it's all a money grab.

 

[ucbruin]

I'm with you. A property data collector should have an appraisal license PERIOD. That's trainees included. If the lender wants to move on to a full appraisal, the appraiser that did the initial inspection should have first dibs on doing that report.

All common sense just went out the window with any Tom, Dick and Harry being able to inspect ones most valuable asset. It's mind-numbing. It just proves that it's all a money grab.

I'm not renewing my license....
I'd be willing to be an unlicensed PDC....

 

[Overimprovement]

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.

View attachment 91101

Do you have the complete chart that shows what each column is? Where does this data come from?

 

[Surf Cat]

I'm not renewing my license....
I'd be willing to be an unlicensed PDC....

I believe we'd all be willing to be pdc's. Just not for $20 to $50 bucks....

Shoot..... during the mortgage broker days, I'd show up to the subject property for a confirmed appt. and the homeowners were MIA.... I'd get a hundred bucks for my troubles.

From my understanding, the PDC process is quite extensive in regards to the number of photographs, checklist, measuring, Etc. That's right up our alley. But not for $20 bucks.

My mentor when he was doing these stated that nearly every single measurement by these Uber drivers didn't even come close to what was stated on the property profile. He "had to" per the AMC utilize the measurement provided by The Uber driver.... talk about bass aackwards....

 

[Surf Cat]

Do you have the complete chart that shows what each column is? Where does this data come from?

https://appraisersblogs.com/apprais...ce-council-exposes-disturbing-AMC-violations/

 

[ucbruin]

I believe we'd all be willing to be pdc's. Just not for $20 to $50 bucks....

Shoot..... during the mortgage broker days, I'd show up to the subject property for a confirmed appt. and the homeowners were MIA.... I'd get a hundred bucks for my troubles.

From my understanding, the PDC process is quite extensive in regards to the number of photographs, checklist, measuring, Etc. That's right up our alley. But not for $20 bucks.

My mentor when he was doing these stated that nearly every single measurement by these Uber drivers didn't even come close to what was stated on the property profile. He "had to" per the AMC utilize the measurement provided by The Uber driver.... talk about bass aackwards....

I'd be very selective on what type property I'd accept....

 

[Surf Cat]

I'd be very selective on what type property I'd accept....

Wait.....you wouldn't go out to da hood for $50 bucks?