Get ready to start adding those extra comments in your appraisals.

I'm sure many of us have seen this before in prior years. After the last big firestorms, lenders and AMCs were requesting that appraisers add comments to their reports basically indicating that yes, the subject house is in an area affected by fires, but the subject did not suffer any damage. I don't remember the exact verbage lenders required, but it varied a bit from one to the other.

I remember some lenders who had just ordered an appraisal in those area requesting a second inspection to assure that the home was not damaged before they would fund the loan.

I've since moved to a different area and don't expect to see any of these requests, but I'm sure many of you will. And for those of you have are directly affected by the fires or know a fellow appraiser affected by the fire, the Appraisal Institute has a relief foundation setup to provide emergency financial assitance. So, if you need assistance or would like to donate to the foundation, here is the site: AIRF.

 
Post is included in group: Appraisers

5 Comments on Appraisers in fire affected areas

OCT
29
2007

It has been seen before.  The aftermath of Katrina.  It will be interesting to see if California has learned anything from then, or if the use of AVMs will be employed as they were after Katrina, which turned out to be a major mistake.  Which the Government, Insurance Companies, and others eventually admitted.

 

5:18pm • #1
OCT
30
2007

Using any appraisal product that does not include at the very least a drive-by inspection in disaster affected areas is high risk and meaningless. Hopefully, we won't see similar actions here in California.

12:32am • #2
3 Featured Posts

Thanks for the post, John -

I haven't directly seen re-inspects (before and after Mother Nature rears her ugly head, but before the loan closes), but I have heard of them.

That's kind of the Appraisal Foundation to have a fund... but I'd love to see our E & O insurance do something for us for a change and maybe chip in some dimes to those in the industry that are in need.

7:40pm • #3
NOV
01
2007
Most out of state lenders a placing hold on any loans until they have a re-inspection.  But I've had a lot of requests to re-inspect properties I have seen and also review other appraisals due to the fires...... I like the work so bring it on! 
8:19pm • #4
NOV
03
2007
I wish we didn't need such a disaster to supplement our regular business, but since this is typically the time of year when appraisals slow down a little bit, the extra work will be nice for some.
12:03am • #5

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John Fariss - Appraiser Bakersfield, CA

Bakersfield, CA

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Fariss Appraisal Services

Address: 2671A Oswell St, PMB 402, Bakersfield, CA, 93306

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An appraiser in Bakersfield, CA gives his two cents about Bakersfield, Kern County, appraising and technology.

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