Comments on: Fundamental Risks in Doing Hybrids

By: Andrew Picarsic

Andrew Picarsic — Thu, 13 Feb 2020 16:41:02 +0000

My state has a section in this Qtr’s news letter about Burb it Up Reports. They made a point that you the appraiser should know WHO the Inspector is, not just his/her name. Just like you can contact the Realtor, OR County GIS, OR Deed Room, you should be able to contact Harry the Inspector. AMC-will not tell you, nor let you contact the inspector. They also made a point that the Inspection Date by the Inspector MUST be known. http://www.ncappraisalboard.org/bulletins/Winter2020.pdf

By: Wayne

Wayne — Thu, 13 Feb 2020 02:59:45 +0000

This isn’t one either side should feel good about. It’s unfortunate the appraiser has placed his credentials in limbo while the AMC barrels on recruiting the next one. The lender/client should also hold responsibility. Charging the borrower a full fee for an appraisal and allowing an AMC to divvy it up between themselves and the lowest bidding appraiser is a great disservice to all parties.

By: chris

chris — Wed, 12 Feb 2020 20:58:19 +0000

The appraiser got what he deserved. I have no sympathy for him or her.

By: BB

BB — Wed, 12 Feb 2020 20:02:14 +0000

Love the “inspector’s” outline of property characteristics. Reads like it’s written by a 10th grader trying to pick up a little Saturday night date money. One would need extraordinary interpretive skills to complete a valuation opinion based upon an “inspector’s” provided “data” like “Well, it sorta looks like one of them kinda reeeel luxurious doohickeys that’s in kinda like a middle of the road type condition but in real shiny-like shape when the light hits it….”

By: Dave

Dave — Wed, 12 Feb 2020 19:26:16 +0000

Since when did anyone ever look out for we appraisers?

Appraisers are a necessary evil to lenders, Realtors and buyers. Just the final hurdle everyone needs to jump over.

We are all Rodney Dangerfields, we get no respect! lol Been doing this for 34 years and it ain’t gonna get better folks.

By: SB

SB — Wed, 12 Feb 2020 16:56:14 +0000

It’s easy.

Unless you want to be a sucker… Just don’t do them.

Boycott all AMC’s, Lenders and Software providers that promote them.

NEXT………

By: Taunya Richards on Facebook

Taunya Richards on Facebook — Wed, 12 Feb 2020 16:34:38 +0000

Scary. What’s even scarier is the work file violations. That’s an easy to avoid violation.

I found hybrids to not be on the type of properties they claim they are for. It took me 4 hours to do one that was relatively non complex to comply with USPAP. I had to write a 3 page narrative. I was paid 150. When I was done, I decided to never do them again. They just are not worth it. We offer to do restricted appraisals when asked. They don’t require all the FNMA scope creep, they don’t need or want a 30 page full appraisal and for the same price they pay for a hybrid, they get the appraiser inspection and analysis. I can do an appraisal using data from another appraiser, it’s how I was taught to appraise. But I am way more confident and can complete the analysis easier if I go to the property.

Seeing the property is my best analysis tool.