Nothing New Under the Sun: The Varied Face of Appraisal Property Inspections
By Joshua Walitt
This article focuses on property inspections, 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. There are many property inspection issues for appraisers
Excerpt: Sample of the questions about data sources:
The appraiser determines physical characteristics of the subject structure from limited-data county records, recent family photos showing two rooms, and a 15-year old appraisal.
A determination must be made whether appliances and utilities are functional and/or whether the property meets local codes
An appraiser performs an Exterior-from-street appraisal and reports a value opinion of $500,000; the next week, she performs a Exterior-and-Interior appraisal on the same property and reports a value opinion of $630,000.
To get the answers and more questions click here
My comments: Worth reading. Summary of a recent presentation by Walit. Lots of different scenarios presented. Note: I publish a graph of mortgage orgination data every month in my paid monthly newsletter, Appraisal Today. For more information or get a FREE sample issue go to https://www.appraisaltoday.com/products.htm or send an email to email@example.com . Or call 800-839-0227, MTW 7AM to noon, Pacific time.
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