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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.
A home inspector’s function is to study the structural, electrical, mechanical & plumbing in a home and document any problems or safety issues. Although the home appraiser will complete a rudimentary inspection of the subject property, it will be nowhere near as thorough as what a propertyinspector does.
Next month’s newsletter will have a lengthy article on the issues of the propertyinspector. I wonder how well the GSE AI works on rural appraisals, “one of a kind” properties, no permits, Highest and Best Use issues, and many more. The data collector qualifications need to be standardized. Each AMC sees it differently.
The buyer should always do a full property inspection, before moving forward with the purchase. The inspector checks all systems and components from the roof to the basement. When does the buyer receive disclosure statements? In most markets, disclosure documents are provided to buyers once the seller has accepted their offer.
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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