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You Want A Drive-by On What?

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Restrain

Elite Member
Joined
Jan 22, 2002
Professional Status
Certified General Appraiser
State
Florida
Wife got a call this AM, we need a drive-by for 'loan servicing'. Fine. Address? Uh oh. Home is a custom estate home, 8100 SF main home, 4100 guest house, amenities on acreage. Nope. Can't even see it from the road, gated. Just for giggles ran comps in the county, not just the town for the last year. Nothing similar. Homes in the probable expected price range would be Gulf Front or ICW front. Not inland. Homes of this size and quality are just not built off water.

Told the AMC nope. Need a walk-in, fee would be $$$$.

So a little later, the AMC threw out a blast to every appraiser within driving distance wanting bids on the drive-by. Some idiot is going to take it for a pittance, put his/her license on the line valuing a property that is absolutely a white elephant on the market. Just wont be us.
 

AMF13

Elite Member
Joined
Jan 24, 2002
Professional Status
Certified Residential Appraiser
State
California
I've decline things like that. :shrug:
 

Meandering

Elite Member
Joined
Feb 26, 2006
Professional Status
Real Estate Agent or Broker
State
Pennsylvania
The really fun thing to do next is,

Print out the email, cut off your wife's info,
and stick it in the mail box of the homeowner.

When they see that their mansion is going to be "valued" by a "drive-by appraisal", most likely, that's a lender that will lose a customer. People with big expensive properties generally, are not really happy with "drive-by" appraisals.

.

.
 

graindart

Junior Member
Joined
Jan 20, 2002
Professional Status
Certified Residential Appraiser
State
Montana
When they see that their mansion is going to be "valued" by a "drive-by appraisal", most likely, that's a lender that will lose a customer.
.

I'd bet it's a driveby because it's in default and the lender is just trying to find out if there's any equity.
 

Meandering

Elite Member
Joined
Feb 26, 2006
Professional Status
Real Estate Agent or Broker
State
Pennsylvania
Maybe, but a driveby doesn't do them any good if it's gutted on the inside.
 

Mike Garrett RAA

Elite Member
Gold Supporting Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
Drive by shooting, drive by fruiting...in appraisal terms "exterior only inspection".
 

residentialguy

Elite Member
Joined
Mar 24, 2009
Professional Status
Certified Residential Appraiser
State
Minnesota
Wife got a call this AM, we need a drive-by for 'loan servicing'. Fine. Address? Uh oh. Home is a custom estate home, 8100 SF main home, 4100 guest house, amenities on acreage. Nope. Can't even see it from the road, gated. Just for giggles ran comps in the county, not just the town for the last year. Nothing similar. Homes in the probable expected price range would be Gulf Front or ICW front. Not inland. Homes of this size and quality are just not built off water.

Told the AMC nope. Need a walk-in, fee would be $$$$.

So a little later, the AMC threw out a blast to every appraiser within driving distance wanting bids on the drive-by. Some idiot is going to take it for a pittance, put his/her license on the line valuing a property that is absolutely a white elephant on the market. Just wont be us.
I did one like this. Fee was $3,000 for a drv-by. They paid it, too!
 

miktay

Senior Member
Joined
Jul 3, 2007
Professional Status
Certified Residential Appraiser
State
Texas
Some idiot is going to take it for a pittance, put his/her license on the line valuing a property that is absolutely a white elephant on the market. Just wont be us.

I did thousands of drive-bys back in the early days. I think I have done 5 in the past 5 years. I wont touch them unless they are a conforming tract home with near model matches for comps. You're absolutely right about putting their license on the line.
 

graindart

Junior Member
Joined
Jan 20, 2002
Professional Status
Certified Residential Appraiser
State
Montana
I have to disagree with the implication that exterior driveby's are any more of a risk to one's appraisal license.

Every appraisal you complete is based on data. Full interior inspection means much of the data is based on your personal measurements / depth of inspection. For exterior driveby's, the data is usually based on public records. As long as you correctly identify the data source and corresponding assumptions, I don't see exterior driveby's as any higher risk from the appraiser's point of view.

I'd actually argue that in most circumstances a driveby is LESS of a risk to an appraiser's license. You based it on public data and made several disclaimers about the appraisal being correct only if that public data is accurate. If the subject is later found with any significant difference from the public records, it's easy to defend by showing a few pages of public records from your workfile. If the subject is later found with any significant difference from your full interior appraisal, you're going to need to provide a bunch of photos, measurements techniques, etc to backup you own data. The public data would be used by any appraiser that completed a driveby and is usually fully accessible by any member of the public. Your own collected interior data can not usually be corroborated by anyone else. This is why I now video record my entire inspection from initially getting out of the car to subsequently driving away.
 

biker4ever

Junior Member
Joined
Nov 3, 2009
Professional Status
Certified Residential Appraiser
State
Washington
Just decline it and move on....
 
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