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Hybrid Appraisal Reports

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miktay

Senior Member
Joined
Jul 3, 2007
Professional Status
Certified Residential Appraiser
State
Texas
"As would be expected, the CEO claims this new type of product is 'revolutionary' and will become the accepted ‘norm’ for appraisals as time progresses".

I like how he can see the future. How many weeks or months until this thing ends up in the Zaio dumpster ?
 

GWISC

Member
Joined
Dec 3, 2014
Professional Status
Certified Residential Appraiser
State
Wisconsin
My first thought was about future issues related to fannie repurchases for lenders where fannie claims a substandard appraisal. Who would write the rebuttal to try and protect the lender/client? What if the real estate agent fibbed on the condition or quality? Would the real estate agent defend their rating as to the condition of the property? Would the lender even be able to find them a years later? Could the appraiser be held liable even though they would be relying on a third party's observation. I don't think this is a revolution either. Well, I hope anyway.

Why can't we be just left alone to do our job?!!. Who said we need all this assistance? I though too many cooks spoiled the soup or pot or whatever.
 

DWiley

Elite Member
Joined
Apr 4, 2007
Professional Status
Certified Residential Appraiser
State
Tennessee
This isn't the future, it is the present. We have done hybrid appraisals for years now, and that area of business has shown tremendous growth. Many lenders use them for default, home equity, and other non-origination situations. At least one of the GSEs is also using it for certain types of work as well.
 

Michigan CG

Moderator
Staff member
Moderator
Joined
Nov 1, 2006
Professional Status
Certified General Appraiser
State
Michigan
The question is why do they have an agent take the pictures that are then sent to the appraiser? Shouldn't the person writing the report be doing the inspection?

I can get a sales license in a month and be completely clueless. Why is the inspection being trusted to the Realtor, or most likely the Realtor's kids.
 

Ms. Janet

Elite Member
Gold Supporting Member
Joined
Oct 27, 2004
Professional Status
Certified Residential Appraiser
State
Florida
A couple of months ago, I did a few for a different company and thought they were fun. To be honest, I am not opposed to the idea of this type of product. After all, they pay us for our analytical skills, not our photography. But, for an independent appraiser, in order to do the job right the fee is very low.
 

Michael S

Senior Member
Joined
Mar 18, 2009
Professional Status
Certified General Appraiser
State
New Mexico
Most of evaluations we do have a third-party conducting the inspection. They take 15-30 pictures, send them over, and we complete a restricted report. The fee is about 1/3 to 1/2 of what a typical summary report would be. In some cases it works out OK such as a property that's a few hours away where it would not be cost effective to complete an appraisal that cheaply with the opportunity cost of spending a whole day on the road. I'm not a big fan of them but only do a handful a year. Typically these are small owner/user properties where the value is between $100,000 and $300,000. The last one I did was a little restaurant in a small town four hours away, another one was a building used for a Curves Gym, and another was a dental office condo. Between Google Street View, bird's eye photos, etc. you can get a pretty good look at the exterior of most properties. Throw in these interior/exterior photos and it's almost as good as being there.

In some cases we'll do inspections for each other in my office if one person is driving several hours away. New Mexico is a pretty big state and there's several markets we do a fair amount of work in that are 3 to 5 hours away (one direction). The inspecting appraiser gets listed as providing significant appraisal assistance (or depending on the client may also sign the report) hands over a bunch of photos and some notes to the appraiser doing the job and gets allocated part of the fee. The alternative is to go drive it yourself and lose a whole day's work which costs a lot more.
 

Terrel L. Shields

Elite Member
Gold Supporting Member
Joined
May 2, 2002
Professional Status
Certified General Appraiser
State
Arkansas
the fee is very low.
The liability is very high...at a minimum the same as a full fee appraisal.
The alternative is to go drive it yourself and lose a whole day's work which costs a lot more.
So? Not my problem. Let them send someone who is an evaluator. By doing this I risk my license if someone deliberately misleads me. Photos by their very nature are a controlled viewpoint. Without some confirmation, which an inspection allows me, I am at the mercy of someone else's honesty. Not mah chob...
 
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