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Virginia Regulatory Town Hall
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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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6/23/19  7:20 pm
Commenter: Tom Horn

Hybrid Appraisals
 

Hybrid appraisals are touted as the next best thing to sliced bread because they will "modernize" the appraisal and mortgage process. The only thing is that as they say "if it sounds too good to be true it probably is". Hybrid appraisals increase the turn time in the appraisal process while at the same time decreasing the reliability and accuracy of the appraisal value. Inspections are being performed by untrained people who are providing unreliable information to the appraiser. Many of these inspections are being performed by real estate agents who don't even know how to measure a house. In fact, they contact appraisers to measure their listings because they don't know anything about how to measure a house. Does that sound right? I don't think so. The appraisal process from inspection to final opinion of value should be performed by certified appraisers or their trainees who have more education and/or are being mentored by certified appraisers. Please take this into consideration, thank you.

CommentID: 72644