Property Data Reports for Appraisal Waivers

[Mejappz]

Appraisers, on Tuesday 5/24/22, an AMC sent a message to their appraiser panel appraisers asking them if they’d like to ‘help their lender clients’ by doing Property Data Reports (PDR).

AMC’s who will be requesting appraisers to do these Property Data Reports are also seeking “what your fee will be.” This becomes a bit tricky, because all homes are different in their designs. A rectangle will take much less time to measure and do a FLOOR PLAN diagram than a multi-story tract or custom home. So the appraiser MUST do advance research on the home before quoting a fee, at least initially.

Appraisers Can Do These Property Data Reports for Appraisal Waivers

These Property Data Reports have a higher level or different reporting requirements than ordinary traditional appraisals. Appraisers, on Tuesday 5/24/22,

appraisersblogs.com

 

[Tiffany Gibbons]

Appraisers, on Tuesday 5/24/22, an AMC sent a message to their appraiser panel appraisers asking them if they’d like to ‘help their lender clients’ by doing Property Data Reports (PDR).

AMC’s who will be requesting appraisers to do these Property Data Reports are also seeking “what your fee will be.” This becomes a bit tricky, because all homes are different in their designs. A rectangle will take much less time to measure and do a FLOOR PLAN diagram than a multi-story tract or custom home. So the appraiser MUST do advance research on the home before quoting a fee, at least initially.

Appraisers Can Do These Property Data Reports for Appraisal Waivers

These Property Data Reports have a higher level or different reporting requirements than ordinary traditional appraisals. Appraisers, on Tuesday 5/24/22,

appraisersblogs.com

I liked the comment that said something about getting a Doctor for CNA pay, that's pretty accurate. Anybody that does this, thanks for destroying the appraisal profession, don't spend the $25 all in one place.

 

[Deleted member 157170]

I got that same email. I said I would do them for my usual exterior pricing of $350-$500 per report. (yes I know full well that they would never pay me this much). One of the appraisers at the old firm I worked at last year did PDRs occasionally. I asked him why he did them and he said that they were just for homes that were already getting appraisal waivers anyway, so why turn down the money. I think he got $200 or something for each report and they didn't take any time at all, he just fit them in between his regular inspection schedule.

To the best of my recollection they are only for a few types of refi's that will take up a very very small amount of the total appraisal volume. The way I look at it, is that if its just for a couple types of refi's that will only come around once in a while, and you can make enough money off of them to justify a trip and work, then why not have yet another product to sell and fill your empty time with when things are slow?