Hybrid Appraisals

[Mejappz]

Quoting directly from a website

Hybrid Appraisal: In this process, two house appraisers are involved, one does the assessment and the other analyzes the comps.

What the home owner thinks they are getting and what they really are getting isn't the same.

That's exactly what they want the borrower to believe.

 

[J Grant]

When the PDC person calls for an appointment, do they say; "I am contacting you to make an appointment for the data collection of your home for the appraisal?

Or do they say, "I am contacting you to make an appointment for the inspection of your home for the appraisal?"

 

[Terrel L. Shields]

When the PDC person calls for an appointment, do they say; "I am contacting you to make an appointment for the data collection of your home for the appraisal?

Or do they say, "I am contacting you to make an appointment for the inspection of your home for the appraisal?"

And why would anyone think they are NOT talking to an appraiser?

 

[George Hatch]

It's irrelevant to the appraiser's assignment or the lender's usage of that assignment what a borrower thinks except to the extent that there are disclosures in the appraisal report and the loan documentation. No different than it being irrelevant to the appraiser's assignment what the loan originator or the loan processor told the borrower.

If the PDCs are misrepresenting their status as appraisers then that's their problem, and if you want to extend that to an AMC or even a lender. The appraiser's responsibility is to do what they say and say what they do.

 

[J Grant]

It's irrelevant to the appraiser's assignment or the lender's usage of that assignment what a borrower thinks except to the extent that there are disclosures in the appraisal report and the loan documentation. No different than it being irrelevant to the appraiser's assignment what the loan originator or the loan processor told the borrower.

If the PDCs are misrepresenting their status as appraisers then that's their problem, and if you want to extend that to an AMC or even a lender. The appraiser's responsibility is to do what they say and say what they do.

View attachment 98750

wrt what a borrower thinks, or what the PDC is instructed to say is relevant wrt misleading, FWIW. We have no control over it, but we can note it and discuss it here.

 

[glenn walker]

And why would anyone think they are NOT talking to an appraiser?

Most say inspection and photos
And if asked about appraisal or value they say the value is determined by the lenders appraiser.

The Realtors in my area are often the point of contact and some just assume appraisers no longer do the measuring and photos.

My four experiences is most assume the inspector is the flunky and some appraser is behind a desk in a white shirt doing the complicated mathematics involved in the valuation process.

The positive is the four i have met all dressed and presented themselves in a more professional manner including a ID badge on shirt and seemed to do good job and not discussing value issues. Sad appraisers can't use trainees to do this because it's a great way to learn the game and I'm disgusted with why or how lenders and State Boards screwed trainee appraisers not do these.

 

[Non Sequitur]

Reggora Property Data Collector

Reggora Property Data Collector

pages.reggora.com

 

[J Grant]

I am not saying the PDC person is instructed to pretend they are an appraiser by any means.

But what do they say when they call or text or email to set up an appointment? Do they make it clear that they are NOT the appraiser? Or do they say something like, "Hello, my name is X, and I am calling to make an appointment to come out and measure and take photos for the appraisal. :"" ( or whatever they say)
/
Do they say they are calling to make an appointment to do a data collection -....at which point a homeowner might ask, what the heck is a data collection?

 

[J Grant]

Does the borrower get a choice whether to get a hybrid with a PDC collector vs the traditional appraisal, or is it decided for them by a lender or AMC?

I am aware that a borrower can choose to accept or decline a WAIVER offer.

 

[Terrel L. Shields]

Does the borrower get a choice whether to get a hybrid with a PDC collector vs the traditional appraisal, or is it decided for them by a lender or AMC?

I am aware that a borrower can choose to accept or decline a WAIVER offer.

The local community banks outside of secondary market often give the borrower a choice - an Evaluation for $300 or an appraisal for $600. Which do you think they will take? I don't know any appraiser who has gotten a job from the bank that was once my largest client. the new owners simply discourage anyone from hiring an appraiser.