Hybrid

[Joe Flacco]

Appraiser's can't agree on standards for GLA and basements, and nearly every appraisal report contains "I ain't no home inspector" CYA. Complaining about third party property inspections will not work.

You can't have a national standard because assessors in different jurisdictions do things differently. Third party inspectors measuring to a national standard when public data is not using the standard means the third party measurements are probably going to be wrong most of the time.

 

[George Hatch]

o·mit
əˈmit,ōˈmit/
verb

1. leave out or exclude (someone or something), either intentionally or forgetfully.
   "a significant detail was omitted from your story"
   synonyms: leave out, exclude, leave off, fail to mention, miss, pass over; More
   
   • fail or neglect to do (something); leave undone.
     "the final rinse is omitted"
     synonyms: forget, neglect, fail; More

com·mit
kəˈmit/
verb

1. 1.
   carry out or perpetrate (a mistake, crime, or immoral act).
   "he committed an uncharacteristic error"
   synonyms: carry out, do, perpetrate, engage in, enact, execute, effect, accomplish; More
   
   
   
2. 2.
   pledge or bind (a person or an organization) to a certain course or policy.
   "they were reluctant to commit themselves to an opinion"

 

[George Hatch]

BTW

"Not in evidence"

 

[DWiley]

You can't have a national standard because assessors in different jurisdictions do things differently. Third party inspectors measuring to a national standard when public data is not using the standard means the third party measurements are probably going to be wrong most of the time.

And how is that any different from appraiser's measuring? I faced that issue for nearly 30 years

 

[Joe Flacco]

And how is that any different from appraiser's measuring? I faced that issue for nearly 30 years

It's not other than competent local appraisers understand what is customary and how things are done locally. So if third party inspectors measure a home they should know what is customary in their area and not follow some national standard.

 

[Terrel L. Shields]

So if third party inspectors measure a home they should know what is customary in their area and not follow some national standard.

They are not going to measure the house, just regurgitate the obvious....from the assessors measurements or the MLS. I bet a high percent of these "inspections" won't involve a drive by at all, simply mining the MLS and assessor for info. So the "desktop" appraisal will be based on a "desktop" inspection.

 

[Joe Flacco]

They are not going to measure the house, just regurgitate the obvious....from the assessors measurements or the MLS. I bet a high percent of these "inspections" won't involve a drive by at all, simply mining the MLS and assessor for info. So the "desktop" appraisal will be based on a "desktop" inspection.

I don't think so. I think sometimes they will measure the house and sometimes they wont. Sometimes they will go inside and sometimes they will only look at the outside. Just whatever customer asks for.

I don't think of it like whatever the third party inspection states is fact. It is additional information that the appraiser needs to reconcile with other information available to form certain opinions about the subject. It's actually a bit more work for the appraiser than if physically visiting the property.

 

[Joe Flacco]

The problem with all these valuation technology people is that they think the differences that impact value are mostly represented by the items in the 1004 grid. In reality it is a small percentage of the variables. When a appraiser visits a property, the appraiser observes all these other variables and considers them when selecting comparables. I doubt that third party inspectors will be asked to provide info related to anything other than the few variables in the 1004.

Third party inspection is far less reliable than appraiser being on site.

 

[chad hampton]

People are living in fantasyland if you think unlicensed people are going to "measure & inspect" a home for $40.

Have to do 10 a day to earn even a basic income. I'd be using public records sketch and 5-10 min max at the home. Then off to the next. No big deal, no license I need to worry about losing. Make as much as you can then find another line of low paying work when the gig is up.

 

[Joe Flacco]

They say things like location within 1/4 mile to tracks and 1/4 mile to commercial properties is a negative influence. When in fact the property is located within walking distance to the metro station and within walking distance to commerical properties like restaurants, banks, starbucks. These things are positive.

Hopefully the appraisers doing these desktops are intelligent enough to do some research instead of saying "oh, the third party inspection says it is negative". I doubt it with people saying it takes less than a hour.