Will you prepare the 1004desktop?

[Overimprovement]

Here is another big issue. We all know interest rates will rise, as will foreclosures. Credit ratings will decrease as well. And we are FAR from done with the effects of COVID, even if no new cases were ever reported. And that is extremely unlikely. The damage done to millions of individuals, small businesses, and even investors that own shopping centers, duplexes, etc is done, and still going on. As banks struggle to get payments on their loans, that is a squeeze on that end. As interest rates rise, (and this WILL happen), there will be less demand for housing, squeezing that side as well.

So banks have less coming in on existing loans, and lower demand for new loans. This will, even more, increase the competition for the loan opportunities that do exist. What happens when banks get overly-competitive? Bad things mostly.

So at a time when it seems almost certain there will be intense competition in banking, and the housing market is arguably as volatile as it has been since the meltdown, Fannie decides it will implement a product which will increase fraud, and lower the credibility of valuations. And we can argue by how much it will lower the overall credibility of the value conclusion, and many have already, but removing the interior inspection just will. It is naive to assume otherwise. So what if losses are only 5% (or insert your own figure) more than they would have been? Who pays that 5%? Every American taxpayer.

Can Fannie do this? Yes, they have some pretty far-reaching abilities apparently. Should they do this? 100% no, IMHO. But alas, I was not given a vote.

 

[djd09]

From Marines to real-estate appraisal to restaurants, Paul Ryll keeps learning, innovating​

A certified residential appraiser, Ryll owns two appraisal businesses,

With the housing market soaring, mortgage lenders needed more appraisals. And though COVID-19 made things complicated, demand for appraisals was still increasing.

“It continues today. It hasn't slowed down.”

So, “desktop” appraisals have become common. “It's all about the data. If I could determine the quality and condition of a house and if it had sold in, for instance, the past two years, and I have multiple pictures and an accurate square footage, then I can do a credible desktop report.”

That’s when Ryll launched Oscar Mike Mobile Appraisals, a secure, online appraisal platform.

“We built the software so that we can send it to the end-user (a homeowner or real estate agent), and they can actually walk through the inspection and get me the data I need,” Ryll says.

From Marines to real-estate appraisal to restaurants, Paul Ryll keeps learning, innovating

A certified residential appraiser, Paul Ryll owns two appraisal businesses, co-owns a Tipsy Taco in Clemson, and co-founded Parsley & Mint.

www.greenvilleonline.com

skip along , skippy

 

[residentialguy]

 

[Bob Ipock]

Intended user or not I feel a responsibility to any buyer or seller by creating a credible report. We have seen what happens to people who get under water due to inflated appraisals. If I am responsible, I want to do as much of the job as possible. Again, all appraisers must make their choice

 

[sputnam]

USPAP has never required real estate appraisers inspect the subject property. Fannie/Freddie added that to the certification. Now, they are waiving that requirement for some transactions. It's up to you whether you want to accept these assignments or not. And it's up to you what fee you will accept. I can promise you this.... If you don't accept these types of assignments, some appraiser who isn't as good as you are will.

 

[Bob Ipock]

I am pretty well versed on what USPAP says and doesn't say. My concern is not about what USPAP says. I try my best to comply. I am very happy for any appraiser wants to take a all theta work. Don't need it, don't want it and ain't gonna do it. Not putting anyone down at all, it is simply my choice and everyone else gets to make their choice.

 

[alebrewer]

Not putting anyone down at all, it is simply my choice and everyone else gets to make their choice.

This!

 

[Bob Ipock]

I am pretty well versed on what USPAP says and doesn't say. My concern is not about what USPAP says. I try my best to comply. I am very happy for any appraiser wants to take a all theta work. Don't need it, don't want it and ain't gonna do it. Not putting anyone down at all, it is simply my choice and everyone else gets to make their choice.

There are numerous issues in the Ethics Rule that I do not believe I can adhere to when depending on other people I don't know and can't trust or believe in because I don't know them. I am not going to list all the Ethics Rules that disturb me. Everyone can read them and interpret them as you will. This watered down crap product is not something I would want a buyer, seller or broker to judge me on.

 

[Bob Ipock]

There are numerous issues in the Ethics Rule that I do not believe I can adhere to when depending on other people I don't know and can't trust or believe in because I don't know them. I am not going to list all the Ethics Rules that disturb me. Everyone can read them and interpret them as you will. This watered down crap product is not something I would want a buyer, seller or broker to judge me on. I will never understand why any lender or buyer cares about what the appraisal costs because they are not paying for it. The real issue is time. Appraisers are "holding up closings". Try this. Collect the appraisal fee at application and order the appraisal THAT day. Give us a reasonable amount of time to do our job. Buying a house should not be a RUSH situation.