An assessment is the value placed on a property by the assessor’s office as a basis to determine the property tax due. The assessor typically does not complete an appraisal to determine this, nor are they bound by the same requirements that appraisers are. They usually do not do an interior inspection to take into account the condition of the property or to confirm measurements the 2nd or 3rd stories.
In developing an opinion of value, the appraiser considers recent sales of similar properties called Comparables. Rarely are two properties exactly the same, therefore the appraiser must account for differences between the properties that sold and the property being appraised. These differences are called “adjustments.” Adjustments are added or subtracted from the sales prices of the comparable to indicate adjusted sales prices. The adjusted sales prices of the comparables will…
Appraisers face particular challenges when appraising properties located in small towns and rural areas or structures that are unique in design. So much so that Fannie Mae recently released a Lender Letter addressing these challenges.
Do you know the difference between an FHA Appraisal & Conventional Appraisal? FHA and conventional appraisals used to have vastly different guidelines and requirements. Over the last few years, the industry as a whole has tightened appraisal guidelines, while FHA loosened theirs in 2005. These changes have blurred the once distinct line between FHA and conventional appraisal specifications.
Sept. 11, 2014–Pilgrim, Joni (Joni Pilgrim is director of sales and business development for Nationwide Appraisal Network, Oldsmar, Fla. She can be reached at jpilgrim@nationwide-appraisal.com.) Appraisal management companies provide critical, indispensable services to appraisers and to lenders for which they are paid an average of 22 percent of the fees they collect, according to Nationwide Appraisal Network’s AMC Fee Report.
© 2014 Fannie Mae. Trademarks of Fannie Mae. September 2014 Page 1 of 12 Appraisal and Property Related Frequently Asked Questions (FAQs) Updated September 2014 This FAQ document provides responses to common questions related to Fannie Mae’s property eligibility and appraisal policies. Included are questions regarding revisions to the Selling Guide published on April 15, 2014 (Announcement SEL-2014-03). New questions in this version are indicated by .
If you’re considering outsourcing the appraisal process to a third party Appraisal Management Company, consider the following before making your selection. Choosing the BEST appraisal management partner is a VERY important decision.
Our system is fully compatible with several LOS programs including but not limited to, Encompass and RealEC. We are also fully integrated with the UCDP, asc.gov, and Platinum Data.
Are you using an appraisal desk to maintain compliance? Find why that may be detrimental! http://nationalmortgageprofessional.com/news46850/are-appraisal-desks-compliant
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