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Appraising in today’s market - Handout

Appraising in today’s market - Handout

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Published by Matt Dollinger
Lance Kirshner - Appraiser and Real Estate Agent - shares his tips on appraising homes in today's market. Part of the @properties training curriculum.
Lance Kirshner - Appraiser and Real Estate Agent - shares his tips on appraising homes in today's market. Part of the @properties training curriculum.

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Published by: Matt Dollinger on May 04, 2010
Copyright:Attribution Non-commercial


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- Who is reading the appraisal today (buyers, sellers, selling agent, listingagent, brokers, attorneys, loan officers, underwriters, field reviewers,review appraisers).- HVCC (Home Valuation Code of Conduct)- Adopted by Fannie Mae/Freddie Mac- AMC’s (Appraisal Management Company)- Appraisal Coordinator - NAR is looking to modify or “sunset” this code- Consider the appraisal inspection the most important showing- Explain to sellers what to expect, and how important the appraisal is- FHA Appraisal- Appraisal tied to property for 6 months- Utilities must be active- Concerned the 3S’s (Safety, Security, Soundness)- Gross living area versus square footage (Fannie Mae, Freddie Macguidelines)- Single family home versus condominium- Basement- Bedroom/bathroom count (above grade, versus below grade)- Contracts & Concessions (closing costs, limit 3%, furniture, repair credit)
- Arm’s Length Transaction- Old requirements- 3 closed comps w/in 12 months- Typical new requirements- 1-2 closed w/in 90 days- 1-2 closed within 6 months- 1-2 pending- 1-2 active- Justification for dated comparables,- same building- identical model- lack of similar properties- similar external obsolescence- External obsolescence (train, highway, airport noise, etc.)- REO’s, & Short-sales (when are they considered a comp?)- Typically require a condition adjustment- May be utilized to meet lender requirements
Single family homes
- Survey (lot lines, easements, encroachments, legal description)- Standard adjustments:- Date of sale- LOCATION- Site size- View- Design- Quality of construction- Age,- Overall condition- Bedroom/bathroom count- Gross living area- Basement- Basement finishing,- Functional utility- Heating/cooling- Parking- Outdoor space- energy efficiency (green homes, zoned heating/cooling)- Discretionary adjustments:-Kitchen/bathroom quality/modernization- Fireplaces- Professional landscaping- Amenities (smart-home, wine cellar, home-theater room, coachhouse, pool)
PUD’s (Planned Unit Developments)
- Typically townhouses or suburban homes- Governed by CCR’s- Still an association- Minimal dues- No common insurance- Same form as single family residence- Similar adjustments as single family residence- Condominium townhouse versus PUD townhouse
- Standard Adjustments- Date of sale- LOCATION- Recreation facilities- Floor location- View
- Design- Quality of construction- Age- Overall condition- Bedroom/bathroom count- Gross living area- Functional utility- Heating/cooling- Energy efficient items- Parking- Outdoor space- Discretionary adjustments:- Kitchen/bathroom modernization/quality- In-unit laundry- Fireplaces- Amenities (audio/visual wiring, roof-rights)- Project Information:- # of stories- # of elevators- Year built- Construction- Roof material- Total # of parking- Type of parking- # of units- # of units completed- # of units for sale- # of units sold- # of units rented (MI limit of 66%)- # of units owner occupied (second homes included)- # of phases- Developer in control of the HOA- Management company and contact- Any entity own more than 10% of the project- Date of conversion- Status of completion of common areas- Commercial space in the project
(20-25% limit
)- Special assessment (how much and for what)- Ground rent- Current assessments- Assessments include what
Appraiser packet
-what should you provide to the appraiser?- Executed contract- RELEVANT comparables- Project information (condominiums)

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