Appraisal

The Fannie Mae 5′ Rule: Fact of Myth

February 27, 2012 Appraisal
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I’m guessing that this is one of those “Myths” that has been passed around for many years, and it’s one that I was taught. In case you’re not familar with the 5′ rule, it relates to the way upper levels are measured. It states that there needs to be at least a minimum of 5′ of ceiling height for the […]

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A Letter of Thanks

February 17, 2012 Appraisal
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One of the great benefits of doing appraisals for divorce, tax planning and estates is the gratitude that people have when you help them. Yes, my mortgage clients are also very thankful, and appreciate the work I do for them. However, being able to actually “Help” someone is very rewarding. They’ve come to you with a problem […]

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Bowed Walls and How To Deal With Them In An Appraisal

February 14, 2012 Appraisal
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If you were doing an appraisal inspection for this home, and just did cursory view of the utility room, you wouldn’t of probably of noticed a few things. The big question is, why is there newer block walls in a 1940’s built home? The reason is because the original foundation wall was caving in, and […]

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What We Have Here Is A Failure To Communicate!

February 13, 2012 Appraisal
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Photo’s From A Recent Appraisal Inspection Believe it or not, there are some properties that just aren’t capable of going traditional financing. I was recently sent to appraise a property that I knew was going to be a challenge as soon as I pulled-up. This appraisal was for an FHA loan, and from the street (50 feet […]

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The Top 10 Things to do to Prepare for An Appraisal

January 14, 2012 Appraisal

How To Prepare for a Home Appraisal You’ve just signed all of the paperwork for your refinance, handed the loan officer the check for the appraisal, and now you’re wondering what is going to happen next. Good news-the appraisal inspection is painless, and usually takes anywhere from 30-60 minutes to complete. However, there are a […]

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Appraisals and Using Distressed Properties For Comparables

January 8, 2012 Appraisal
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Choosing Comparable Sales When choosing comparable sales for an appraisal, often times there is more analysis done than most people realize. The use of distressed properties for an appraisal is sometimes unavoidable, especially if their concentration is more prevalent than non-distressed sales. Why Distressed Sales May Be Needed The appraiser should indicate as to why […]

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Arm’s Length Transactions & UAD Requirements

November 29, 2011 Appraisal
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For all of my appraisals I always contact the agents involved to verify if the sale actually closed, and whether it was a arm’s length transaction. Apparently not all appraisers must be doing this, because I get a lot of Realtors telling me that this is first that anyone has asked them these questions. Why the […]

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The Tax Assessor-Should You Let Them In Your Home

October 4, 2011 Appraisal
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Minnesota has what is known as an ad valorem property tax, which means property taxes are divided among taxable properties according to their value. Assessors gather data from Oct 1st,  2010 through September 30th, 2011 (known as the sales study period) to calculate the “market value” for January 2nd, 2012. Homeowners have between April 1st, 2012 and […]

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What Does An Appraiser Really Do?

September 20, 2011 Appraisal
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Sometimes I think we appraisers don’t take enough time to explain to the public what it is that we really do. There are also clients (lenders) that have very specific instructions not to talk to the borrower(s), which can be very awkward when a homeowner wants to know what you’re doing. Reminds me of when I […]

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Create Credible Appraisals or Else!

September 10, 2011 Appraisal
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I recently had a conversation with a very seasoned loan broker who told me, “…appraisers don’t have much to worry about when it comes to appraising, because it’s just your opinion”, meaning how can anyone really challenge an opinion of value. In one respect he’s correct, it’s not the opinion of value that is challenged, […]

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