Significant Appraisal Assistance (1004p)

[Mr Rex]

Ms Grant would rue the day that a real "inspector" reviewed her appraisal inspection, even after all her decades of experience and "gathered knowledge". She doesn't know sheet from shinola than she understands but as many old folks are prone to regale " We been doing it this way for x+years with no problems". Doing it poorly or wrong for years don't make it right. I don't think the RE agent or "can collector" model of inspection is viable, but the BS from JGrant and similar is ridiculous at best. If every one agrees that its in the public's best interest that the most qualified folks perform the "inspections" from that perspective and the most qualified folks perform the appraisals from that perspective then I'd agree. Not just because I can and do both Home Inspections and Appraisals, I'm getting to the point that crawling under houses or through attics or on roofs is a chore that I am looking to get away from as I get older. But the simple question here is that only an appraiser is qualified to do an "inspection" for a mortgage, and the simple answer is that most appraisers are not qualified. So I guess that justifies their contention that someone else, RE agent, can collector, or trained data collector isn't likewise qualified.

 

[J Grant]

Not relevant Rex, your viewpoint that most appraisers are not "qualified", because we are not dong home inspections for repair purposes . DOH.

 

[George Hatch]

At the ACTS conference last week Fannie and Freddie both stated that at least 7 different labor forces were being tested (appraisers, trainees, agents, home inspectors, insurance inspectors, and some that I cannot remember). They continually emphasized that they were TESTING. Nothing is final. It will be very interesting to see if the tests support your claim. They may, but I am not convinced it is a certainty.

I wonder where the appraisers' performance will rank in that stack? I cannot imagine it being anywhere close to what the (technical) home inspectors or insurance inspectors will rank.

How ironic to this discussion would it be if Fannie ended up deciding the appraisers weren't as qualified to do these inspections as some of the alternate vendors?

 

[DWiley]

The real irony is JGs argument. When Significant professional Assistance was changed to Significant Real Property appraisal Assistance, that was driven primarily by the fact that appraisers did not want to be held accountable/responsible for the work of others who were not appraisers. Now, JG wants to argue for such persons to be listed in the certification, which WOULD make the appraiser responsible. so, she doe snot want to be responsible, but is arguing for the opposite in USPAP.

 

[mike32716]

Funny you would pick that particular example. One of the recent files to hit my desk involved a certified appraiser in Florida who included the finished basement in the GLA. It seems such an issue is not limited to apps

Florida Basement? I've seen less than 6 in my career. Not surprising the appraiser would be clueless. Did they even have comps?

 

[J Grant]

I wonder where the appraisers' performance will rank in that stack? I cannot imagine it being anywhere close to what the (technical) home inspectors or insurance inspectors will rank.

How ironic to this discussion would it be if Fannie ended up deciding the appraisers weren't as qualified to do these inspections as some of the alternate vendors?

It that is what they conclude so be it. They can get this beautiful inspection and frame it.

But an inspection for an Appraisal is for valuation purpose, not for repair as a stand alone purpose nor for for insurance replacement/rebuild estimate purposes. The appraiser may not be as in depth as a home inspector about the plumbing nor as detailed as an insurance adjuster for material costs. What the appraiser does bring to the table is ability to view the property as a whole from a value perspective .

I think it would be ironic if a home inspector gets overly focused on repair issues and call for a host of repair, replacements and inspections beyond what an appraiser normally would. I can;t speak for insurance adjusters, maybe they will be brilliant Will see...
Imo what matters for intended users is how well or poorly appraisers will fare with the 1004P with inspection done by another party, vs when tehy do it themselves, regardless of quality of the inspection,

 

[J Grant]

Florida Basement? I've seen less than 6 in my career. Not surprising the appraiser would be clueless. Did they even have comps?

I know...was it North Florida? No basements in S FL---(ro at least I've not seen any I I have seen a few split levels with semi below grade family room in a rare subdivision with slight sloping lots. e.

 

[J Grant]

The real irony is JGs argument. When Significant professional Assistance was changed to Significant Real Property appraisal Assistance, that was driven primarily by the fact that appraisers did not want to be held accountable/responsible for the work of others who were not appraisers. Now, JG wants to argue for such persons to be listed in the certification, which WOULD make the appraiser responsible. so, she doe snot want to be responsible, but is arguing for the opposite in USPAP.

I will research the back story of what you conveyed and get back to you on it!

 

[Addie]

That is not correct. No name is on the inspection sent to the appraiser in most cases.

Wanna bet?

Not being mean. But simply ask people who have actually done them. I have done them for 5 different AMC's. All comes over with a name of who did them.

So you simply take their name and put it in your report.

 

[DWiley]

It that is what they conclude so be it. They can get this beautiful inspection and frame it.

But an inspection for an Appraisal is for valuation purpose, not for repair as a stand alone purpose nor for for insurance replacement/rebuild estimate purposes. The appraiser may not be as in depth as a home inspector about the plumbing nor as detailed as an insurance adjuster for material costs. What the appraiser does bring to the table is ability to view the property as a whole from a value perspective .

I think it would be ironic if a home inspector gets overly focused on repair issues and call for a host of repair, replacements and inspections beyond what an appraiser normally would. I can;t speak for insurance adjusters, maybe they will be brilliant Will see...
Imo what matters for intended users is how well or poorly appraisers will fare with the 1004P with inspection done by another party, vs when tehy do it themselves, regardless of quality of the inspection,

We get it. You think the appraiser's inspection is sprinkled with special appraiser fairy dust or has some other magical properties that preclude a substitute. The market will decide if we are as special as you think. Frankly, when I reviewed for the State i saw plenty of reports where the appraiser would have benefited from someone else doing the inspection.