Real Estate Appraiser Tips! Home Appraisers: Appraisal Red Flags To Avoid!

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Real Estate Appraiser with Accurate Valuations Group, LLC LA St Certified 851

http://www.realestateappraisertips.info/ - Real Estate Appraiser Tips! Home Appraisers: Appraisal Red Flags To Avoid!

 

This was posted on Ann O'Rourke's Appraisal Today email this morning.

"Appraisal Abuse Red Flags for bank examiners when reviewing appraisals
 
- No appraisal or property evaluation in file.

- Mortgage broker or borrowers that always use the same appraiser.

- Appraiser bills association for more than one appraisal when there is only one in the file.

- Unusual appraisal fees (high or low).

- No history of property or prior sales records.

- Market data located away from subject property.

Unsupported or unrealistic assumptions relating to capitalization rates, zoning change, utility availability, absorption, or rent level.

- Valued for highest and best use, which is different from current use.

- Appraisal method using retail value of one unit in condo complex multiplied by the number of units equals collateral value.

- Use of superlatives in appraisals.

- Appraisal made for borrower.

- Appraisals performed or dated after loan.

- Close relationship between builder, broker, appraiser, lender and/or borrower.

- Overvalued (inflated) or high property value.

Office of Thrift Supervision May 2010 Examination Handbook 360.13

Click here to download the report"

http://www.ots.treas.gov/_files/74874.pdf

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Bill Cobb

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