OREP/WRE Bifurcated Appraisal Survey – Appraiser Comments
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Click Here to Read over 1,800 Comments from the Bifurcated Appraisal Survey!
by Ashton Rowles
I downloaded and read the 2,000 Comments. I am baffled by the pessimism. The fact is that any appraiser who has trained or worked with a larger company understands the process and risk points with having someone else work under your signature. Modern technology and professional tools and precautions allow appraisers to mitigate most if not all of this risk. We can continue to do our job if we mitigate the risks appropriately.-
by Jack Kennedy
obviously, new to the biz-
Bifurcation….sounds like what I have a problem with in the bathroom in the morning. The appraisal business is sadly becoming a lost art, if it hasn’t already. Glad I got my time in when the professional came was creditable. What a joke…
When does the “Mc Appraisal” report go into effect?-
by Appraisal Now
There may be many reasons the same appraiser was engaged to re-appraise this property they said they initially completed a bifurcated appraisal on. Loan program change, Lender QC or compliance issue, Lack of saleability of the loan, Default, Value update, etc, etc…… Finding out that the ‘$25.- inspector’ missed all the ‘Relevant Characteristics’ of this property is the main reason the whole system of bifurcated fails the test of reasonableness and they should be flat out banned on loans for sale in the secondary market period! The public should not bear the cost through Bank bail outs (AGAIN) of incapable and untrustworthy valuation /lending practices used to generate quick money for themselves.-
I’m a bit confused about this comments relevance in this article.
This comment is indicative: “I had the opportunity to later inspect a home I recently completed the valuation on in a bifurcated assignment. The inspector had failed to tell me the stairs to the second story lead into the roof peak to where you had to duck down as you climbed the stairs, the top step ending at only a 4′ height. They also failed to identify that the home was only 3′ away from the commercial building behind it—a zoning compliance issue in an area of 10′ minimum set-backs. Also failed to report mold growth and water stained ceilings. My second appraisal, after personally inspecting the home two months after the bi-furcated appraisal, came in 25% lower!”
These are exterior/desk appraisals. HOW would the inspector/appraiser know ANY of this? Or any appraiser doing a 2055 from start to finish?-
by Denise Banke
I agree with this Appraiser, and feel this is very relevant to this article. My experience with a 2055 or desk appraisals is that they are the first step in a foreclosure valuation or for a HELOC not for sales transactions. In a sales transaction the appraiser is responsible in determining the safety of the property as well as the market value. Let us not forget the Preamble in USPAP.-