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In the spirit of open and timely communication, Value Connect is pleased to share the latest news about what's happening in the real estate appraisal industry.

Essential Services

Real estate appraisal is considered an essential service because it supports the financial services industry. Mortgage financial and related real estate transactions depend on property valuations to keep things moving. That's why governments deem appraisers as essential service providers.

Health & Safety

Value Connect's primary concern is for the health and safety of all industry stakeholders. That means everyone: Appraisers, Consumers, Lawyers, Lenders, and Mortgage Brokers / Specialists. All participants should take precautions to ensure their safety given how contagious COVID-19 is. Ask questions and meet virtually whenever possible.

Full Appraisals

There's some miscommunication about what an appraiser can and cannot do. Some people think that appraisers are not allowed to complete an interior on-site inspection of a property. THAT IS NOT TRUE. Appraisal associations have NOT placed restrictions on what an appraiser can and cannot do, rather, they strongly recommend against on-site inspections and ask appraisers to follow local health authority guidelines.

Industry Innovations

Some innovative companies like ours have found ways to help appraisers complete reports without going into properties when that is the best course of action. Value Connect created the Modified Full-Inspection Report that is the next best thing to a Full Report. The main difference is appraisers conduct an interview with the borrower or listing agent via phone or on-line, and obtain current (dated) photos by email, etc. The appraiser visits the house to do an exterior inspection.

Setting Expectations, Know What You Want

It's our experience that the appraised value of a home is most accurate when someone does a full on-site inspection (inside and out). The lack of interior inspection makes it difficult for any professional to assume the interior condition is anything better than average. Many above-average homes may well appraise under their true value as a result.

If speed is the key for a transaction, Modified Full-Inspection Reports are a better choice compared to full reports. There's been a significant drop in the number of appraisers completing full reports, and the turnaround time has increased as a result. If the most accurate value is important, you're better off with a Full Report and waiting the extra time. Be sure to set proper turnaround expectations with your clients and stakeholders.

LENDERS: Be sure to set clear expectations with stakeholders to minimize rework and delays.

We're Open, Coast-Coast-Coast

Value Connect is offering appraisal services across the country. That includes Full , Modified Full-Inspection , Drive-by, and Desktop reports. We ask our appraisers to ask pertinent questions when setting up inspections and to decline assignments when they believe they safety is at risk.

Please contact us if you're a lender and want to add Value Connect as an approved supplier.

Keeping Communications Open

As things change quickly, and it's possible things will get worse before they get better, it's important for us to keep the lines of communication open. Please contact me if you'd like more information about anything in this blog/video or want to provide an update.

Christopher Bisson

CEO, Value Connect Inc.

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