Tagged: photos

Failure to Inspect & Photograph Comps Backfires on Appraisers 50

Appraisers, did you Shoot yourself in the Foot?

When I explain the rules many of the appraisers start complaining: “An MLS photograph depicts the house at the time it sold so it’s more accurate than my photograph would be”… There’s a lot of yelling and screaming about bifurcated appraisals. Unfortunately, appraisers may have shot themselves in the foot when it comes to this issue. Allow me to provide an analogy to help explain the issue. I’m not sure if this happens in other areas of the country but in Seattle there is a strange “left leaning” way they do things: State and Federal governments perform numerous traffic studies, to...

Can We Stop Taking Comp Photos 65

Can We Stop Taking Comp Photos?

I personally do not think that appraisers should be required to take comp photos… First, before the hate mail starts rolling in, let me assure you that I understand the requirements surrounding comparable photos, and I do take them as an appraiser. I am not here to debate what the policies are, but I am here to question if those policies should be in place. I personally do not think that appraisers should be required to take comp photos. Modern technology has provided appraisers with a way to know as much about a property from the comfort of their own...

Coester Risen from Ashes? - Homeowners to Provide Data for Evaluation 26

Coester Risen from Ashes?

Has Coester risen from the ashes? Apparently, per a message on Twitter on July 9, 2019, Mr. Brian Coester is now in the real estate sales biz. The photo image used on the big T is the same one he used to use on his defunct AMC website. More information here and here for re-posts of articles not written by him. Meanwhile, there appears to be a new twist in Evaluation appraisals. This is the first I’ve seen about an AMC or any other company using ‘the homeowner’ to supply interior photos which will be used in a bank evaluation....

Didja Know... Zillow is Better than Eyes! - Discern Quality Using Photos 33

Didja Know… Zillow is Better than Eyes!

How in the heck is Zillow supposed to discern QUALITY of these homes, and then magically produce a presumed value, when there is no actual data upon which to base a decision? Maybe it’s done with smoke and mirrors, rather than eyes? Appraisers, I was busy churning out reports, and didn’t have time to send out this bit of news about Zillow earlier: Zillow is watching: New algorithm uses photos of your home to check quality and curb appeal. Zillow is now claiming “it” can discern QUALITY of a home, just by looking at various photos they obtain from various sources! They...

Clear Capital Admitting Hybrid Inspectors Are Offering Appraisal Opinions 34

Hybrid Inspectors Offering Appraisal Opinions

Clear Capital admission: This is an admission that inspector were previously offering appraisal opinions re Q&C. There remain many other areas in hybrids that also are appraisal opinion being provided by non appraisers. I have written many blog posts here, mainly for the consumer to read and understand what is actually happening in the world of Real Estate Valuations. My blogs range from being overcharged for appraisals so the middle man (the appraisal management company or AMC) can make money, lenders still pressuring appraisers to hit a value, and now having untrained and unlicensed people perform inspections (see my last...

USPAP or Not Mueller REO report 36

Mueller REO Hybrid Appraisal Report

Another Mueller Report has surfaced. The report is a Mueller REO Hybrid Appraisal Report and it was given to an appraiser as a sample. This one raises more questions than the last one! The photos from the property inspection do not tell the appraiser one thing. The photos are dark and the repairs the inspector states are needed, simply are not seen in the photos. It begs the question, does the appraiser have adequate information to complete a credible appraisal? Now take a look at the Mueller REO Hybrid Appraisal report. Pull up the report and follow along. Some things have...

Verisite Photo Appraisal Report... Is the Door Open Wide for Fraud? 42

Verisite Photo Appraisal

Appraisal Photo Report for use on loans, pick and choose pictures… Is the Welcome Mat Down and the Door Opened Wide for Fraud? “What Appraisers Need to Know about Property Data Collection” is a topic of discussion in the latest Fannie Mae Newsletter. The article describes how property data is being collected and being sent to Fannie Mae to determine the type of valuation that is needed on a property. It discusses Appraisal Modernization, Desktop appraisals, Scope of Work and USPAP. It even references The Appraisal Foundation Video on Inspections & Hybrid Appraisal Assignments. Well, Fannie Mae is the last entity that should be discussing...

Subject Street Scene Photos' Policy - Appraisers Blogs 13

Street Scene Photos of the Subject Property

Appraisers, the discussion of subject photos occurred recently on a forum I read. How many of you know the street scene “view” policy of FHA and FNMA? How many of you were trained to just take ONE photo from the very front of the subject, looking down the street in one direction or the other (without having the subject in the photo)? Is that ‘good enough’ for a lender to know the context of where the subject is on the street? If a ‘street view policy’ between agencies is more strict for one, would it be appropriate to adopt that policy for...

Third Party Inspectors, Hybrids... Spelling Out the Consequences 9

Hybrid Assignments, the Consequences

The concept of a third party providing one or more functions in an appraisal assignment is nothing new. Back in the 1970s and 1980s there were plenty of appraisers who used somebody else to do the sketch or to take the pictures or to pull comps. The “appraiser” put all of the pieces together and signed the report. Then came USPAP in 1989. Licensing followed shortly thereafter. Today, there are a number of lenders and AMCs who believe that they’ve invented something no one else has ever considered. The bifurcated or hybrid appraisal process. To be clear, we’re not talking...

Embarrassing Indeed! Inspections Can Sometimes Be Embarrassing... 9

Inspections Can Sometimes Be Embarrassing

Inspections can occasionally get embarrassing, right? It happens to all of us. That’s just part of the appraisal business. But that does not make things any easier or less embarrassing, does it. Let me tell you three stories. First is the house with the unique basement. It’s your typical single-family residence on the ground floor; nothing out of the ordinary, nothing embarrassing. Then I tell the owner I need to go into the basement to inspect it. He hesitantly says OK, so into the basement we go. It was not your typical basement. It looked like some kind of department...

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