Experience with hybrid appraisals -
I would like to add our actual experience with hybrid appraisal assignments. I work with a firm of appraisers. We have worked with two AMCs over many years and have completed hybrid assignments for lower risk second mortgages and home equity lines of credit. I applaud the lending institutions who ordered these assignments instead of relying on a less credible evaluation.
In both cases, licensed real estate salespeople provided current photos and very basic information about the subject and site. My understanding is that both the real estate salesperson performing the "inspection" and the appraiser must be geographically competent.
Our experience overall was that we simply could not rely on the information provided by the "inspector". We often had to override their provided data. We had to verify every detail because the information provided was not always impartial, objective and unbiased. It appeared to us that negative aspects of the subject property were sometimes ignored or overlooked and most comments were highly generic with only favorable commentary. Maybe this is a flaw of using someone whose job it is to sell residential real estate to provide factual data, including accurate condition that would include negative influences, regarding a subject property.
I agree that the inspection piece of the hybrid assignment should be under the control of the appraiser to ensure accuracy of the data.
Most respectfully submitted.