Comment Submitted by Jill Kinnaird
AnonymousOpposeIndividual
Summary: A veteran Certified General Appraiser argues that appraisers lack the specific training and insurance coverage to certify the condition of home components. The commenter suggests that if condition certification is the goal, a professional inspector should be engaged instead of relying on the appraisal.
As a veteran Certified General Appraiser I avoid FHA assignments. I am an expert in the valuation of real estate. Though I have more knowledge than a layman I do not have the trained expertise to certify the condition of components or structures. Just ask my Errors and Omissions insurance carrier; I'm basically not covered for 'condition' omissions. An appraisal is but one tool considered in the overall risk assessment of a loan. The 'protection' of a homebuyer, or other interested party, should not, in my opinion, be my function. I suggest that if certification of condition is the goal than a professional in that field should be engaged. How to make it cost effective is another matter. Perhaps encouraging communities to institute point of sale inspections. Perhaps having loan officers view the properties to ascertain general conditions before loan app processing. If protection of the buyer is a goal I don't believe anything but a third party, professional inspector should be relied upon.