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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?
When you hear automated appraisal, that refers to a computer doing the valuation without an appraiser. In addition to the automated appraisal, we’re starting to see moves toward a hybrid appraisal process called bifurcation , meaning that a computer and a person complete the valuation. Lower cost than traditional appraisal.
When you hear automated appraisal, that refers to a computer doing the valuation without an appraiser. In addition to the automated appraisal, we’re starting to see moves toward a hybrid appraisal process called bifurcation , meaning that a computer and a person complete the valuation. Lower cost than traditional appraisal.
A hybrid appraisal is a valuation completed by a Licensed/Certified appraiser that is very similar to a desktop appraisal. It is a shorter appraisal form than the traditional appraisal and is performed by an appraiser who typically never visits the property.
The act specifically states that only a casual or drive-by inspection can be performed when it comes to consumer loans secured by real estate, and no opinion can be rendered as to its value nor any fee charged for such an inspection. ARTICLE 38. THE REAL ESTATE APPRAISER.
During a conversation with Valuation Review, Kevin Musick, the ClearValue company’s president and chief technology officer said- “despite the increase in availability of property data, a picture still says a thousand words.” Read on to learn more from Musick.
and automated valuation models. In recent years appraisers have been concerned about our elimination by the hands of an Automated Valuation. bifurcated valuation or hybrid appraisal includes an exterior. observation of the property, sometimes including an interior inspection. It seems as though over the.
In recent years, Fannie Mae has been working towards what they call Valuation Modernization. This process involves allowing for the gradual progression of a bifurcated valuation product to make the home valuation process more efficient and accurate. However, this is unsettling on many levels.
In recent years, Fannie Mae has been working towards what they call Valuation Modernization. This process involves allowing for the gradual progression of a bifurcated valuation product to make the home valuation process more efficient and accurate. However, this is unsettling on many levels.
My talk focused on PropertyInspections, which – to an outsider – might seem to be a straight-forward topic. However, given current changes in the valuation space, nothing is further from the truth: valuation, specifically the collection of data that supports a valuation method, has never been one-size-fits-all.
That’s why a complete home inspection is essential when looking at REO properties. Inspectors need to note any visible damage, check how well major systems are working, and estimate the cost of repairs. Delinquent property taxes in foreclosed properties can lead to additional financial burdens for buyers.
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.”
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