Wednesday , 27 January 2021

appraisal report

7 Key Considerations for Using a Restricted Appraisal Report

In any real estate appraisal assignment, you must use one of the two written report options outlined in USPAP: Appraisal Report or Restricted Appraisal Report. A diligent appraiser can utilize the Restricted Appraisal Report option when it makes good sense for the assignment and client. Before you take on a Restricted Appraisal Report, here are some important things to consider. …

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25 Common Errors in Appraisal Reports

As a real estate appraiser, much of your success relies on your reputation as a competent professional. Unfortunately, certain appraisal violations are quite common—including errors in appraisal reports. Make sure you’re aware of these mistakes so that you can avoid them. Here’s a compilation of the most common errors and deficiencies found in appraisal reports by reviewers, regulators, and appraisal …

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Checklist: What to Include in a Narrative Appraisal Report

Report writing is an essential step in the appraisal process. Want a quick breakdown of everything that belongs in a narrative appraisal report? Here’s an outline of the items that should appear in your report. Although you may not find it necessary to include every single item, you can use this as a checklist of topics to at least consider …

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10 Awesome Appraisal Checklists (Free for Members)

Here at McKissock, our Unlimited Learning Members enjoy 24/7 access to a wide array of online resources for real estate appraisers. These include appraisal checklists, classes, videos, whitepapers, recorded webinars, and more. Below are ten awesome checklists available right now in our membership toolkit. If you already have an Unlimited Learning Membership, you can access all of these appraisal checklists …

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Functional Obsolescence Examples: How to Account for a Superadequacy

An overbuilt improvement or superadequacy (a type of functional obsolescence) is more probable in a luxury home than a standard home. As a luxury home becomes more unique, the costs will typically increase, which in turn shrinks the pool of available buyers and increases the likelihood of a superadequacy. Below, we break down some important information for luxury real estate …

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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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What Is an Appraisal Review?

Appraisal reviews serve many important purposes. Sometimes the appraisal review process is more time consuming and requires research and analysis well beyond the original assignment, while other times the process is smooth with no problems. One of the difficulties that reviewers face in appraisal practice is recognizing that it is the work product being reviewed, and not the appraiser. Additionally, …

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FAQs About Fannie Mae’s Collateral Underwriter Program

Fannie Mae’s Collateral Underwriter (CU) program is intended to give lenders access to the same appraisal analytics that Fannie Mae uses in its quality control process. It performs an automated risk assessment of appraisals submitted to the Uniform Collateral Data Portal (UCDP) and returns a Risk Score and flags and messages to the lender. Lenders can use the CU Risk …

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