This site uses cookies to improve your experience. To help us insure we adhere to various privacy regulations, please select your country/region of residence. If you do not select a country, we will assume you are from the United States. Select your Cookie Settings or view our Privacy Policy and Terms of Use.
Cookie Settings
Cookies and similar technologies are used on this website for proper function of the website, for tracking performance analytics and for marketing purposes. We and some of our third-party providers may use cookie data for various purposes. Please review the cookie settings below and choose your preference.
Used for the proper function of the website
Used for monitoring website traffic and interactions
Cookie Settings
Cookies and similar technologies are used on this website for proper function of the website, for tracking performance analytics and for marketing purposes. We and some of our third-party providers may use cookie data for various purposes. Please review the cookie settings below and choose your preference.
Strictly Necessary: Used for the proper function of the website
Performance/Analytics: Used for monitoring website traffic and interactions
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. The bulk of the appraiser’s work is focused on market analysis to decide marketvalue based on “assumed” condition of the house.
However, a hybrid appraisal includes an exterior observation of the property, sometimes including an interior inspection by a third-party: this third party inspection could be done by a real estate agent, a propertyinspector or even another real estate appraiser.
An agent involved in the property inspection process may overlook defects that may affect the value that the appraiser would readily pick up on. Because of issues like this, it is important for the propertyinspector to have adequate training and zero bias in the outcome of the transaction.
Real Estate-Owned (REO) properties are distressed homes acquired by lenders after failed auctions. Sold below marketvalue, they often require significant repairs. The property may also have legal issues, like title problems or unpaid liens, which can affect its value.
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.
We organize all of the trending information in your field so you don't have to. Join 9,000+ users and stay up to date on the latest articles your peers are reading.
You know about us, now we want to get to know you!
Let's personalize your content
Let's get even more personalized
We recognize your account from another site in our network, please click 'Send Email' below to continue with verifying your account and setting a password.
Let's personalize your content