Thursday , 28 January 2021

Specializations & Property Types

Tidewater Initiative: What VA Appraisers Need to Know

The VA has a unique set of protocols, known as the Tidewater Initiative, that a VA appraiser must follow when he or she expects the appraised value of a property is going to be lower than its contract price. This program, often known simply as “Tidewater,” initiated in—you guessed it—the Tidewater area of Virginia (i.e., the Norfolk, Chesapeake, Portsmouth, and …

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Tidewater Initiative: What VA Appraisers Need to Know

The VA has a unique set of protocols, known as the Tidewater Initiative, that a VA appraiser must follow when he or she expects the appraised value of a property is going to be lower than its contract price. This program, often known simply as “Tidewater,” initiated in—you guessed it—the Tidewater area of Virginia (i.e., the Norfolk, Chesapeake, Portsmouth, and …

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How Does the VA Appraisal Panel Operate?

A VA loan permits an eligible veteran to borrow up to 103.3% of the purchase price or the value of the home, whichever figure is lower. The VA uses state-licensed or state-certified appraisers to provide opinions of value for the homes on which it guarantees the mortgages. In order to complete a VA appraisal, you must be on the VA …

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What New Appraisal Specialty Do You Wish to Break Into?

Developing an appraisal specialty is a great way to grow your business and stay competitive in the industry. Last month we asked our appraisal community, “What new appraisal specialty or niche would you like to break into?” Below, we share the results regarding which specialty areas appraisers are most interested in pursuing. The top three answers were review appraisal, commercial …

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Safety Tips for Appraising REO Properties

If a mortgage lender acquires the title to a property as the result of a foreclosure, the property is called an “REO” property, which is short for “Real Estate Owned.” REO properties represent business opportunities for appraisers, as property valuations may be needed for pre-foreclosure, loan workouts, short sales, asset evaluation, and more. However, inspecting these types of properties can …

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12 Types of Expert Witness Assignments for Appraisers

There are many types of litigation where real estate appraisers can be helpful in providing evidence to the court. Many of these will require engaging the appraiser to perform an appraisal specifically for the case. Others will simply rely on a previous appraisal and call the appraiser to testify about it. Here are twelve types of expert witness assignments for …

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Fact Witness vs. Expert Witness: What’s the Difference?

When a real estate appraiser is called to testify in a court, it could be as one of two types of witnesses. If you are called to testify as an appraiser, it’s important to determine at the time of the request which of the two types you will be: fact witness or expert witness. One has lower liability and responsibility, …

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6 Special Purpose Property Tips for Commercial Appraisal Reviewers

As a commercial appraisal reviewer, before you accept a review assignment of a special purpose property, you should become very knowledgeable in understanding the “business component” of these types of properties. This is especially true where there is a business component to be considered, as would be the case with senior living, hotel valuation, or hospitals. Business components in special …

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