Desktop Appraisal… Should I or Shouldn’t I?
New wave of AMCs desktop “appraisal” products…
VaCAP has received several emails from members concerning a new wave of desktop appraisals available from some AMCs. These products have an inspection of the property performed by another individual and the photographs and property specific data is provided to the appraiser. The AMC’s are claiming that the entire product is on-line and no written report is needed. They also claim the report is USPAP compliant. They are looking at compensating the appraiser $65 and the report should take approximately 45 minutes to complete.
VaCAP does not have any specific knowledge of these reports, however cautions every appraiser about these products. Please check with your E&O carrier prior to completing this type of product. Your E& O policy may not covered for this product! There is more to USPAP compliance than a finished report. You must fully comply with USPAP, not just the finished product. This includes verification of the data, a complete work file, etc.
Excerpt of AMC’s email
We have a new Axis desktop appraisal product – this is a brand new product that Axis will be releasing to the public very soon, but in the interim we have 1 client that is utilizing this product currently. Please review the details to this assignment, and let me know if this is something that you may be able to assist us with. Thanks! If interested the next steps would be as follows:
- A survey inspector will be completing a thorough exterior property condition report, and it should be provided to us in the next 48 hours.
- Link will be provided to the inspection report.
- 48-hour hour completion from the time the inspection has been provided to appraiser.
- The entire form is web-based, no special software, no processing or transaction fees. Once you are done with the form, you will download the PDF for final review and to save for your workfile. Upload the PDF to Mercury for the order, and it will be delivered to Quality Control.
See one of the emails sent to VaCAP here or below.
If you are considering completing this type of product, ask yourself these questions.
- Can I really complete a fully USPAP compliant report in 45 minutes?
- Am I degrading my years of education, training and experience for $65?
- Is my liability worth $65?
- AMC Engagement Letter: Appraisers Do Not Include Your Invoice - July 28, 2023
- We the People… - April 9, 2023
- Federal Valuation Agency Impact on Appraisers & the Public - July 22, 2022