There is a trend in the mortgage industry known as a bifurcated (hybrid) appraisal. In simple terms, the appraisal analysis is performed by the appraiser relying on photos and information from a licensed professional. As our name implies, we contract with desktop appraisal providers that make the following Extraordinary Assumptions to create a credible report:
1) We are relying on assessor records for overall building measurements and that they are accurate
2) We are relying on the accuracy of photos and information we were provided
3) We are relying on the accurancy of satellite imagery to understand locational influences
4) We are relying on current and past MLS information to be accurate
5) Adjustments being derived are based on accurate and complete MLS and tax information
The assignment conditions and intended users of these reports are much different than mortgage industry standards. Our contracted appraisers are providing market value, are accepting these assignments that the intender users of this report are anyone associated with or interested in buying the property. IT IS CRITICAL THAT THE INTENDED USERS OF THIS REPORT UNDERSTAND THAT THE ESTIMATE OF MARKET VALUE COULD BE SIGNIFICANTLY DIFFERENT IF A PHYSICAL INSPECTION OF THE SUBJECT PROPERTY WAS PERFORMED.
This scope of work is clearly spelled out in the report addendum.