There are various reasons it would be necessary for an appraiser to do this. Sometimes there are recent sales close to the property being appraised, however they are not similar properties. A sale does not equal a Comparable. You could have a house next door to the Subject that sold the week prior, but would not be used as a Comp because it’s a different design with large variances in…
The cost approach is another method an appraiser may use to develop an opinion of value. In a nutshell, it’s a breakdown of what it would cost to rebuild the property today if it were destroyed. But it’s not that cut and dry-you also have to take into consideration the value of the land and deduct for any depreciation. There is a common misconception with the cost approach. The cost…
Lender Letter LL-2015-02 To: All Fannie Mae Single-Family Sellers February 04, 2015 Appraisal Tools, Processes, and Policies The purpose of this Lender Letter is to provide clarifications and additional information regarding Fannie Mae’s valuation-related tools and policy updates announced within the past 12 to 18 months. These include Collateral Underwriter™ (CU™), Appraiser Quality Monitoring (AQM), and updates to the Property Eligibility and Appraisal Requirements section of the Selling Guide. With…
We often have client’s ask: So, what counts as gross living area? They ask about heated vs. non-heated spaces, finished and unfinished basements and even porch and patio areas. What is the appraiser actually considering when they talk about gross living area square feet? Let’s start with defining gross living area, commonly referred to as GLA. Appraiser measures using the exterior building dimensions per floor. At times upper level is…
We often hear a borrower say “The appraiser was only at my house for 20 minutes. I paid hundreds of dollars for that -what did the appraiser even do?” Great question! So, how is the value of your property determined? This is an understandable question because most of the appraiser’s work is completed in the office doing research.
Understanding Valuation Products A Quick Guide for Borrowers As a borrower, it is important to understand the differences between the valuation products you may receive before closing on your loan and the relative reliability and applicability of each product. When reviewing valuation products, keep in mind that:
It may seem strange that a lender would ask if we are truly nationwide when our company name is Nationwide Appraisal Network, but it’s actually a great question and we know why it gets asked. Many appraisal management companies that claim national coverage are not truly nationwide. Many of them outsource to companies like ours because the cost of compliance is too burdensome. Or they don’t have the people in…
One of the things we hear a lot from borrowers and sometimes lenders is – The borrower switched lenders, and we need the appraiser to change the lender name. Can the appraiser just switch it without having to do a new assignment? The answer is no – this is a USPAP. USPAP requires a new assignment if the lender/client changes. If the appraiser simply switches the lender name, they are…
One of the questions we are most often asked is why a basement or level partially below grade was not counted in the GLA and overall room count. Let’s start with defining the 2 areas: Above-grade and Below-grade are defined as distinct areas and the appraiser will report and value them separately on the sales comparison grid. Only finished above-grade areas should be used in calculating and reporting above-grade room…
ABOUT NAN
At NAN, we believe in technology, communication and accountability. Everything we do is with the best interests of our customer in mind.
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Hours of operation: 8:30AM – 9PM EST
Toll Free: 888.760.8899
Toll Free Fax: 888.765.8899
3180 Curlew Rd, Ste. 107
Oldsmar, FL 34677
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