Inspection

[gregb]

On FB-

FNMA 1004P Panel
ServiceLink is proud to be one of a few AMCs selected to participate in a pilot program regarding bifurcated appraisals, specifically, the 1004P program. This pilot program is designed to measure the performance of appraisals that utilize a two-phase approach to valuation. This means the subject property will be inspected by someone other than the appraiser, then the appraiser will perform the valuation analysis. Here is essentially how the pilot program will work:
• Appraisers will receive a Property Condition Report (PCR) prepared by an independent field inspector that will include the physical details and interior/exterior photos of the subject.
• The PCR will assist the appraiser in gaining an understanding of the home’s physical characteristics and overall condition.
• By separating the inspection duties from the valuation analysis, the time spent by the appraiser decreases, yet the quality of the analysis should remain at the same level as a traditional appraisal.

 

[ucbruin]

On FB-

FNMA 1004P Panel
ServiceLink is proud to be one of a few AMCs selected to participate in a pilot program regarding bifurcated appraisals, specifically, the 1004P program. This pilot program is designed to measure the performance of appraisals that utilize a two-phase approach to valuation. This means the subject property will be inspected by someone other than the appraiser, then the appraiser will perform the valuation analysis. Here is essentially how the pilot program will work:
• Appraisers will receive a Property Condition Report (PCR) prepared by an independent field inspector that will include the physical details and interior/exterior photos of the subject.
• The PCR will assist the appraiser in gaining an understanding of the home’s physical characteristics and overall condition.
• By separating the inspection duties from the valuation analysis, the time spent by the appraiser decreases, yet the quality of the analysis should remain at the same level as a traditional appraisal.

No advertised fee?
The fee must be high because even DW admits 1004P will not survive as a viable product at a low fee....

 

[RCA]

You maybe correct....
Ironic since the kids grew up in the family home....

My oldest daughter, b.1983, UCLA grad, grew up in our house - but would never buy it --- because, well, the usual Millenial issues and says she speaks for her friends - and she has a ton of friends in that age group. .... and everything else I've heard points in the same direction. She doesn't like the "small" dining room between the kitchen and the living room, she would prefer the dining room and kitchen together - with more space and you should be able to see the living room from the kitchen. Hmmm, well I think that is what she means, but she certainly has something different in mind.

Now, I certainly don't see a problem with our floor plan, because it suits my needs just fine .... All the tunnel issues keep my office separate from the noise in the other parts of the house; and everyone has their privacy.

 

[ucbruin]

My oldest daughter, b.1983, UCLA grad, grew up in our house - but would never buy it --- because, well, the usual Millenial issues and says she speaks for her friends - and she has a ton of friends in that age group. .... and everything else I've heard points in the same direction. Now, I certainly don't see a problem with our floor plan, because it suits my needs just fine ....

Your home is probably tooooo expensive for a 1st time homeowner....

 

[RCA]

Your home is probably tooooo expensive for a 1st time homeowner....

Yes, but in 10 years Millenials will be moving up. The theory is, that as they acquire more junk and kids, they will learn to appreciate more space.

 

[RCA]

When I first met my mentor, he told me to not get too comfortable and don't give up on my old career just yet. He said he has tried to train 5-6 other people and none of them could measure a house or do field work correctly. The other stuff they weren't too bad at, but he couldn't trust them to get the field world done correctly. He was amazed I picked it up like I did. I do have a background in civil engineering, so I knew it wouldn't be a problem for me.

Not sure if those people that are providing appraisal assistance, but aren't providing appraisal assistance, but maybe are?.?.?.all have engineering degrees or not. Hopefully for the dumb azz appraisers signing off on their work, they do.

I definitely believe that.

 

[gregb]

Fannie used the "hybrid" process in one of its non-origination arms with such great success that they decided it was worth looking at for origination. I know because the guy who headed that effort used to work with me.

What kind of training will inspectors have for properties with owned solar systems?

 

[RCA]

Here is what I would call a Millennial floorplan https://www.houseplans.com/plan/221...garage-farmhouse-traditional-country-sp256810.

 

[RCA]

There is a hidden language of floorplans that most appraisers don't know, are not aware of, …. and don't want to know about. But most Architects know the language. And it is not this: https://blog.houseplans.com/article/deciphering-the-hidden-language-of-floor-plans

 

[ICT RE]

Meh... nm