Comment Detail

Comment

The idea of bifurcated appraisals - while seemingly sounding good in concept, appears to be fraught with problem - I tried to complete bifurcated assignments for a major vendor for about 3 months and I learned very quickly what the problems were - most of the properties were in inner city urban neighborhoods - where crime was a distinct problem - the vendor had an individual complete an "inspection" and provided photos of same - which I in turn was expected to match up with MLS data to arrive at a "As-Is" and "As-Repaired" values - but there is a big difference between getting photos on a specific property - and seeing how that property meshes with the neighborhood - are there vacant homes, are there vacant lots - are these neighborhood that have amenities that a family would want to live in - and yet a lot of this information can only be obtained by driving around the neighborhood - which the vendors' inspector was unable to assess and I cannot determine looking at a computer screen - These were all Fannie repurchases and in many cases you could not realistically develop an As-Repaired value because there was no market for the homes -