I am a real estate appraiser.  Although I have not been requested to provide a hybrid or bifurcated appraisal as of now, I have read quite a bit on the topic. Being a professional appraiser has several components including ongoing education and most importantly direct experience in the market we work in. That hands-on experience is the most critical component and the property inspection is a vital part of that experience as it is paramount in the process of identifying changes in market trends, buyer preferences, neighborhood familiarity, etc. Additionally, ascertaining condition and quality features in a dwelling and the site and identifying which components are important to buyers cannot be properly analyzed without a hands-on inspection. There are many instances when inspecting a property for appraisal purposes would require the expertise of a valuation professional. A few examples that occur frequently are, enclosed areas that may or may not be part of main living area, added space that may or may not have a lower level of utility and contributory value, such as, converted garages, finished attics, rooms over garages, rooms that are accessed via other rooms, etc..  USPAP does not specifically require a physical inspection of the property, however, as a practicing appraiser it is vital to achieve the most accurate results. I will let others expand on the weakness of these products from a USPAP compliant perspective, which, it appears there is strong case against them.

Please strongly consider what is best for the public vs the lending institutions, Fannie, etc., in this matter as have other states like New York and Illinois which have taken a position on this issue to not allow hybrid or bifurcated appraisals.  It appears to me the drive in the direction of a hybrid or bifurcated appraisal is on the lender side as a cost and time saving solution which is not in the best interest of public trust, in my professional opinion. The lessons we should have learned from 2008 is tighter control over the lending guidelines not the opposite.

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