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Virginia Regulatory Town Hall
Agency
Department of Professional and Occupational Regulation
Guidance Document Change: Providing guidance to real estate appraisers and AMCs on the use of hybrid appraisals
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6/18/19  8:48 am
Commenter: Gracie Peacock, SRA Member of AI

Hybrid Appraisal
 

Hybrid appraisals are dangerous.  I would not sign my name to a report that I did not have full control over the information.  I have been in this business for over 30 years and seen numerous errors in descriptions of property by other people.   This is a real disservice to the public.  They would most likely still pay the same fee for an inferior report.  Why doesn't anyone ever investigate all of the additional fees charged by the lender and the closing attorney?  The appraisal fee is a small amount of the loan processing cost.  Faster is not better.  A reliable report takes time and investigation of the property, comps and market.  Other professions are not pressured to give a result within a few days, why should appraisers be pressured?  Vote NO to Hybrid Appraisals.

 

CommentID: 72587