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Quality Adjustment Research and Methodology: The Basics

Quality and condition are not the same. Quality refers to the quality of items, materials, and construction. When making appraisal adjustments, examine the quality of your data and remember that any quality ratings in your county records or MLS are not always reliable. Here are some basic things to consider regarding quality adjustment research and methodology. Sources of data A …

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The Business Side of Running An Appraisal Business

This is a reprint from the Appraisal Buzz Blog and can be found here. As a part of your expertise in a niche business like the appraisal industry, there are many things you probably don’t need help with. Things like setting fees, choosing comps, pulling flood maps, or finding sources for data all come second nature now. However, there are other elements …

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Understanding UAD Quality Ratings

Ever since Fannie Mae and Freddie Mac (the GSEs) created the Uniform Appraisal Dataset (UAD) several years ago, real estate appraisers must rate building quality on a standardized scale from Q1 (best) to Q6 (worst). If you are performing appraisals for the intended use of secondary market mortgage lending, it’s essential to have a clear understanding of the UAD quality …

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Fannie Mae Discusses Temporary Revisions to GSE Appraisal Requirements [Video]

On March 25, 2020, McKissock Learning hosted a webinar in which appraisers were able to hear directly from a Fannie Mae representative and ask questions regarding the temporary revisions to GSE appraisal requirements as a result of the coronavirus crisis. Watch the live recording of the webinar below. Disclaimer: This recording reflects the temporary appraisal inspection guidelines during the coronavirus …

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Which Home Renovations Generate the Highest ROI?

Homeowners often want to know what will give them the biggest bang for their buck in terms of home renovations and improvement projects. We recently asked our appraisal community, “Which renovations generate the highest ROI in your market?” Most real estate appraisers agree that kitchen renovations provide the best return on investment. Keep reading for the full survey results, plus …

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8 Quick Tips for Appraising Marijuana Properties

Do you ever face the task of appraising marijuana properties in your market? All of a sudden, land that is ripe for marijuana growing is looking pretty attractive, and buyers all over the U.S. are already scooping up big plots of land—some even making moves before the laws change in a specific area. We can expect to see: More owners …

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Fannie Mae, FHA Issue Additional COVID-19 Appraisal Guidance

As the COVID-19 situation continues to unfold, users of appraisal services are continuing to issue updated guidance and information to appraisers.   Fannie Mae issued an update to Lender Letter 2020-05 on March 31, 2020. For appraisers, probably the most significant revision to their guidance was the removal of the “order of preference” for appraisal types. Formerly, the guidance had stated …

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