I completed a 1004D today for a client who had someone else do all the draw inspections. Guess what - the floor plan was different.

It's not my problem, of course, but I thought you would find it interesting. I told them it is different and that the opinion from the original appraisal is no longer valid.

SOMETIMES, BK KNOWS BEST.
sometimes, i am only trying to inform and help prevent people from making terrible mistakes.
sometimes, us old farts actually know what we are talking about.
thanks, mag.

Whoa, I never did a draw inspection without at least the sketch or floor plan attached to the draw sheet. That was how it was done at the bank back then. But that's just me. I have never done a draw for something that I didn't know what was to be built, and I have never done a final on someone else's work without having a copy of the original appraisal.

OLD TIMER,
according to the new breed, not their problem if it isn't the right anything.

Strange how only the old guys with many years of experience think this way.

We must be way out of touch with reality appraising.

We are way out of touch...

I have posted before, that I have discussed the foreclosure rates etc, with two very large subprime lenders..the philosophy of both of these corps is simply that they only respond to pressure from Wall Street and they basically regard mortgages much like credit cards. They know they will take losses..but, overall the profit margin is so high..that those become acceptable losses...

Transfer this attitude to most large mortgage companies and I believe that has become very much the rule....

Mike P.

We ("the new breed") don't say it's not our problem because we are lazy, we say it's not our problem because it is the bank's discretion.

I am busy enough without helping large corporations manage their affairs appropriately. I perform the scope of work assigned to me - unless, as I said, it is a home that I personally appraised originally.

It's not much different on the building end. I could tell you some stories about builders these daze. Very few, if any, even know what ICC is. Even most "municipal inspectors" wouldn't know a code book if it fell off their bookshelf and hit them in the cranium. All buyers want is the cheapest house with the prettiest trim & paint, that will last around 10 years... doesn't matter since most people move every 5-7 years. I'm seeing more and more MAJOR repairs pop up on houses that are less than 10 years old.

there are two rules of thumb. if you live in georgia and you don't termites, someday you will. if you are an appraiser in georgia and you have not been sued, someday you will be.
there have been many law suits in georgia where the homeowner has had a problem with their new house and the bring into court the builder, real estate agent and the appraiser. when a property goes into foreclosure, the lender calls the appraiser. if you under appraiser a property, you can be sued.
if a lender forks out a ton of money for a house that ends up not to be worth what it originally was appraised for, that lender is going to find someone to take to court.
the point of my post and my responses is that to be fore warned to to be fore armed. follow the 6 p's, "proper planning prevents piss poor performance".
when performing a draw inspection, it is not necessary to measure the entire house. measure just three main exterior walls. if they are within a couple of inches, things are probably okay. if they are a foot off, then you know you may have a problem.
in todays world, you have to protect yourself.