Hybrid

[George Hatch]

But other than an FHA or VA assignment,

How do appraisers know?

Where are all those "must disclose to appraisers"??


.

You answered your own question with the FHA/VA example. The appraiser is going to operate in good faith that the lender understands what their own appraisal policy is and which programs they're using. If a lender fails to disclose that to the appraiser it doesn't then become the appraiser's fault that they didn't know. Nobody expects appraisers to be Karnak the Magnificient.

 

[timd354]

Which nothing to do with GSE required disclosures to appraisers, that really are only not applicable for reviews.

.

I have no idea whatsoever what point you are trying to make with this post....if you are trying to state that the GSE's require the lender to provide a copy of the contract and other information to the appraiser, that has nothing to do with HPML's since the GSE's will not purchase or guarantee HPML's.

 

[djd09]

I am almost shocked by the posters who say a physical viewing is not appraisal practice. How do you know what you are estimating without seeing it.

 

[timd354]

I am almost shocked by the posters who say a physical viewing is not appraisal practice. How do you know what you are estimating without seeing it.

The same way that you know the size and condition of the comps that you did not inspect or measure...by relying on information provided by others who are also typically not appraisers

 

[djd09]

I am not appraising the comparables.

The home owner of the comparable is not going to sue me.

 

[djd09]

So 20 dollars per hour for the inspector.but the fees i see for the appraiser is a 75% reduction. Funny math.

 

[djd09]

I love the client wants argument too. Let me tell you what the client wanted in 2004. Dividers like to divide, same story a different day.

 

[Meandering]

https://www.FDIC.gov/regulations/laws/rules/5000-4800.html

 

[Terrel L. Shields]

If there is liability to any party in this process because the property is mis-measured, then how is that going to be identified? If it is identified and the person is licensed, how is that person going to escape investigation if a complaint is filed?

Maybe but the appraiser is responsible 100% in my state for actions of a trainee and I am confident ditto for information supplied by a third party. DUE DILIGENCE means as the signing responsible party, you should have caught the mistake.

 

[J Grant]

The same way that you know the size and condition of the comps that you did not inspect or measure...by relying on information provided by others who are also typically not appraisers

But we are not appraising the comps, we are appraising the subject. Therefore second hand information about the comps is less critical if it's "off."

It's not a rote matter of measuring and taking photos at an inspection, the inspection is where the appraiser gets a first hand read on the property in order to make judgement and opinions about the quality and defects it has. These judgement and opinions will shape the appraisal report....the inspection also imparts ability to see firsthand issues such as additions, converted areas, above grade etc plus get feedback and ask questions of parties who may be at the inspection.