One more nail in the coffin...

[Charles West]

Just finishing a couple of row homes to flip. Nobody has aggrevated me, and profits look great. Part of going back to it was boredom. I still will do appraisals for my non AMC friendly clients, but how many will that ever be. Never like before. Gone with the wind, appraisers lost that war.

Here is a potential flip that came on the market around the corner from me. Somebody got in over their head and stripped the interior; the yard is a mess, with no driveway and a challenging slope that undoubtedly sends water straight at the improvements. It has a fully depreciated pool and .65 of an AC. They are asking $779,000.

 

[Non Sequitur]

The saddest part, even if fees were decent true indie appraisers will never see any volume at any price. AMCs control the data collection side and will, as Class Valuation proudly brags “feed family first”, and send the report side to their staff appraisers.

 

[Alsie35]

Once again, if nobody would do them, they would not be an option.

*SNIP*

THIS, I predict is the "real world roadblock" that they will run into upon "implementation". And many clients will HAVE to order a traditional appraisal because they won't have enough "homunculi" generated yet by PAREA to do this type of dreck.

 

[Alsie35]

*SNIP*

It is time to defund Fannie and Freddie, starting with Freddie.

Fire them all - and throw all their "newfangled" tech of the past 5 years into the trash can (well, I can dream, can't I?)

 

[Phlyguy]

If the new 1004 now only applies to proposed construction why would the form developers keep throwing money at development?

 

[shrubberyvaluation]

Quick poll: How many appraisers on this forum have over a three day turn time for residential appraisals?

WE are not the delay in loan origination cycle time for borrowers!!!!!!!!!!!!!!!!!

Some, if there are delays out of my control, like to access the property or builder being slow.

 

[Tim Hicks (Texas)]

I wonder what DOGE would do to Fannie and Freddie?

 

[Non Sequitur]

Exciting times for those who want to make money off of our backs! (Bolding mine) from LinkedIn:

"Hybrid Appraisals were officially announced last week and will be hitting Fannie / Freddie eligibility in late march / early april respectively

What are they?

New valuation products enabling non-appraiser data collectors to facilitate an inspection on a property + sending that data to an appraiser who completes an appraisal using the data that was provided to them

Why?

With a dwindling appraiser population, this product should allow for faster turn times during high volume environments + standardizes the inspection process by having normalized data elements and standards

What does this look like in practice?

The eligibility for hybrids seem like they will be much more substantial vs. the data collection products the GSEs put out more recently - we could end up seeing anywhere from 20-40% eligibility potentially or even more, we won't know until it's in production

That being said I think it will take a while for the market to actually start using these products at scale to that magnitude for a few reasons:

1.) Appraisal turn times aren't a huge challenge in the current volume environment
2.) Vast majority of lenders will need to utilize an AMC or third party vendor to fulfill these products and they are priced similarly to full appraisals (so no savings for the borrowers just yet)

Overall it's very exciting but will likely gain a lot more traction whenever the next refi boom comes around (fingers crossed soon)"

So, boots on the ground appraisers, don't expect things to get much better when business picks back up. Man, talk about kicking people when they're down. Brutal. And I hope appraisers picked up on the "these products and they are priced similarly to full appraisals (so no savings for the borrowers just yet)" and consider that BEFORE accepting ANY hybrid orders at a discount.

 

[shrubberyvaluation]

I wonder what DOGE would do to Fannie and Freddie?

Not sure, didn't Trump talk of privatizing it before?

 

[Non Sequitur]

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