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Isn’t a home inspection similar to a home appraisal? Not at all – an appraisal differs from a house inspection. A home inspector’s function is to study the structural, electrical, mechanical & plumbing in a home and document any problems or safety issues. Do I need a home inspection as well?
This program allows for the collection of data related to real estate appraisals by unlicensed third-party data collectors, which is in direct violation of article 38 of the state’s Real Estate Appraiser Licensing and Certification Act. ARTICLE 38. THE REAL ESTATE APPRAISER.
Is a disclosure the same as an inspection? Disclosure is something given to the buyer by the seller documenting their knowledge of the property. It is not the same thing as an independent inspection by a third party. The buyer should always do a full propertyinspection, before moving forward with the purchase.
As this property data collector thing moves along, there continues to be no legitimate reason for Fannie Mae’s motivation to push this so hard other than they want the valuation process fully automated and can pay $25 for an untrained inspector to view a home. Fannie Mae sees the appraisal process as “inspection + value.”
The data won’t be limited to what is gathered by propertyinspectors; however, appraisers’ data will also be in that mix. His pieces are not what I would call news articles. Click here = Want to read articles about USPAP, Appraisal Business Tips, Liability, and many other topics written for appraisers?
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