What I think about bifurcated appraisals
Have you ever done a comp check for a mortgage broker or lender in the past? They are appraisals. You only have public records and maybe MLS. You may have driven by the property, but probably not.
What about drivebys? You drove by the outside, but never saw the rear or interior.
With bifurcated appraisals, at least you have photos, measurements of the exterior, descriptions of what the exterior and interior rooms look like, etc.
What about having trainees do them, under your supervision? A great way to get new appraisers started. I spoke with one appraiser who is doing this.
All appraisers rely on public records, MLS photos and descriptions, etc. We don’t know how accurate this data is.
Check out the company doing bifurcated appraisals and their forms software data handling. Do not work for one that requires that you manually fill in a 1004P, for example. How long have they been in business? Are there appraisers in management?
Whether or not you do them is a business decision. They are less risky than comp checks and drivebys. You have more information, assuming they do not make up the photos, sketch, etc.
The Bottom Line: appraisers don’t like change, just like most people. Some adapt, some decide not to change.
