Not long ago sending unknown third parties out to do inspections & just  take pictures would have cost appraisers their licenses. Amazing how it’s all somehow ok now, isn’t it?

Ron. It’s all in the details. Yes. I WILL do what is no more than a COMP CHECK for $125 if it does not purport to be anything more than it is and I can attach my own pre printed certifications; scope of work and disclosures, assumptions, etc using language I know that will meet ALL the requirements of USPAP.

The “report” portion should be no more than one line after an address saying “I think the value as defined is xxx as of. No adjustments. No verification date, No nothing since its all out of context anyway.

This conclusion and opinion is subject to ALL the certifications, limiting conditions, assumptions and or hypothetical conditions and drastically reduced scope of work that is itemized and explained in the following five or six pages of preprinted boilerplate. My final disclosure would be “In the event that a credible opinion as to the market value of a specified & specifically identified interest in the property is desired, then a real appraisal is recommended.”

For $125? No problem. They get 15 or 20 minutes of my time. No recourse. But that’s not what is wanted. They ant to perpetuate the fraud that the investor is being given something more reassuring than it really is or should be.

So in the comments above comments there is no respectable appraiser that would complete a Desktop Restricted Use Appraisal for a nontransactional mortgage for $125+?

I’m still not a huge fan of strikes despite being a union organizer.

On the other had I urge ALL appraisers to start branching out into other non FNMA loan work or non loan work.

Residential appraisers, it’s time to up your game and take some income courses and start gaining experience doing apartments, Look into ALL non lender appraisal opportunities.

Pretty soon you wont have a choice. As more and more evals are used there will not be enough regular conventional appraisal work to keep you busy.

Don’t wait until the last minute!

You read my mind… Have a good weekend. 🙂

Diana N., That’s the next crash and I can’t wait to see them try and pin it on us. Let’s see them hold the machines accountable..lol

PS: downloading a pdf of the final report for my work file does not meet either my states record keeping requirements OR those under USPAP. A work file is

(1) required to have or link to all of (retrievable) data sufficient to reproduce my work product; and

(2) to include EVERYTHING I considered and developed in arriving at my opinions and conclusions. My notes, calculations, research, analyses, EVERYTHING!

USPAP compliant? Sure it is.

45 minutes to complete? Uh huh. 8 hours x 60 = 480 minutes in a working day. Divided by 45 (no bathroom breaks or answering client phone calls for other work folks!). Why that’s 10 a day or 650 a day for ten times the liability! Unless of course it takes more like 2 hours in which case its only $260 a day!

I bet the new college grad appraisers are going to jump all over each other trying to get this one!

Otherwise:

I’m still responsible for identifying whether the scope of work is appropriate to the specific property.

I am responsible for “having reasonable cause” to believe the unlicensed ‘trained’ property inspector is competent; or that any market data is accurately communicated and is not misleading. I’m responsible for supporting ALL of my adjustments and not merely making rote adjustments that “look ok.” I am responsible for supporting the exclusion of any applicable approach to value.

They think 45 minutes is all that’s need for the entire report? It takes that long to develop and run a meaningful 1004MC and to THEN replace it with something else that is accurate!

Most of all, I am responsible when this phony property “analysis” and unsupportable opinion is not actually developed in accordance with USPAP!

IF they use a picture of a garbage can with flies buzzing around it to show the stench, I suppose there are those out there that will see a place for it.

I bet there is little difference between this garbage and the garbage first promoted by First America under its “PACE PRO” ads.

President Trump & or Congress better cut FNMA and Freddie Mac loose from conservatorship real soon and make it clear to ALL their investors & insurers that there will be NO BAILOUT next time.

Interesting how the ‘product’ is offered and adopted before the alternate standards that would permit its use are in place.

USPAP compliant?My ASS! I defy them to send me a true copy of the online form for review.

The only thing I like about this is that they undercut Firs Americans garbage $75 product by $10!. Cant wait to see who eventually winds up doing these for $25!

FNMA would be better off just using ZILLOW-at least they don’t pretend to be accurate!

Hope you are kidding.,:(

i always referred to these “products” as “A BLATANT TEST OF AN APPRAISERS STUPIDITY.”

lets face it, the AMC’s are doing what the banks did before the crash of 2007, and that is to pull as much nonsense as they can get away with, usually by finding loopholes in history or law, until someone with authority gets off their lazy keister and actually does something about it, which is usually about a decade or so. this time frame gives AMC’s/Banks plenty of time to make their billions and keep their share holders happy until they can get their hand slapped and find their next loophole. and, the AMC’s are doing this because . . . they are mostly owned by . . . BANKS! what a surprise.

and, when the next crash happens, or when someone finally does decide to put their foot down, the appraisers will be blamed again, and state and federal regulators will go after the appraisers again, and appraisers will be handed more regulations again, and appraisers will be prosecuted and fined again, because independent appraisers are the easiest targets and cant afford to financially fight like banks can, and sucking money out of appraisers pockets by regulators and lawyers has always been so much easier than banks with their unlimited resources and funds, right?

. . . oh, and going after appraisers never makes the national news either.

lets face it – same old BS, just a different pile.

Scary isn’t it………

if this thought doesnt get an appraisers spidey-senses tingling and stop them dead in their tracks, then they need to quit the profession immediately and should be delivering pizzas instead.

I’ll be happy to do them as well. As all standards rules are applicable, as I am signing it, and it is a valuation product, I’d be happy to run those at $450 a pop. The form may be shorter, but my workfile would be thicker than ever, having to rely on unlicensed individuals supplying a portion of my information.

As I keep saying, we are are worst enemies by accepting non C&R fees.