Agencies | Governor
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
Previous Comment     Next Comment     Back to List of Comments
6/26/19  9:41 am
Commenter: Fred Rossiter - Real Estate Broker and State Certified Appraiser

Bifurcated Appraisals
 

No to Bifurcated appraisals:

I have been a Broker for the last 47 years and an appraiser for the last 20 years. 

As a Broker, we have security procedures in place for anyone and everyone requesting access to one of our listings.  My company deals only with licensed “professionals”.  I would not permit any unlicensed individual to enter or inspect one of my listings because of liability issues.  I would be violating my fiduciary to my seller if I did.

As an appraiser, I will not do bifurcated appraisals.  The fee offered to me would be unacceptable. Developing bifurcated appraisals will not be profitable.  I have worked too hard for too long to put my signature on an appraisal report when I have not personally inspected the property myself.  Why would any appraiser risk their license and career by signing a bifurcated appraisal?

AMC’s have no idea what they are getting into.  Training and managing a group of people to inspect properties will quickly turn into a nightmare.  Retention of trained inspectors working at minimum wage or slightly better will be impossible.   What will AMC’s do when Realtors and appraisers demand that their state regulatory agencies regulate and license these inspectors?

Despite what many claim, the valuation system in this country is not broken.  It has served our country well.  Those who call for “modernization”, appraisal waivers, AVM’s, and bifurcated appraisals  do so only to profit from a weakened system that would put the US taxpayer at risk.

To maintain the Public Trust, I urge you to reject bifurcated appraisals.

CommentID: 72731