04/07/2022
My PSA (public service announcement) for you homeowners out there. Fannie Mae (who buys most of the mortgages) has recently rolled out two new appraisal products that lenders can use. One is called a Desktop and one is called a Hybrid. The hybrid appraisal relies on a 3rd party coming into your home to do the “on-site” inspection. They then deliver this info to the appraiser who develops the report. The desktop is done remotely by the appraiser utilizing old MLS listings, county records, etc but the kicker is a floor plan is required with this appraisal which essentially means a disinterested 3rd party still has to come out to the house to produce this.
Here is what they are NOT telling you… this could be anyone coming into your home to measure, take pictures, etc. It could be an uber driver, a college student, or a burger flipper. There is no minimum qualification required, no background checks performed, and no licensing required. It will likely entail this person video recording the entire interior of your home on their phone app which gets uploaded to some company somewhere that generates the floorplan. They will try and find the cheapest person they can find to do this so they can keep more of the appraisal fee. I would highly recommend you insist the lender does a full appraisal when you are refinancing or purchasing. One qualified, background checked, and licensed appraiser handles the entire process from start to finish. Far more accurate and safe.
