Tagged: highest and best use

How Can an Eminent Domain Attorney Help You? 3

Why Hire an Eminent Domain Attorney?

Taking private property for public use is one of the most powerful government actions under the constitution. The exercise of this power is commonly known as condemnation. The power itself is referred to as the eminent domain power. Eminent domain can occur at the federal, state, and local levels of government. If you are notified that your home, land, or property will be condemned for a public use, you will likely have many questions that need answers.  That is when you may wish to consult with an eminent domain attorney; someone who is experienced in eminent domain law and can...

Subject Property Actual Location - Where Is It? 26

Subject Property Actual Location

Don’t say that the subject property is ‘within’ a particular City or Town due to the postal ZIP Code that applies to the street address unless that is accurate. The actual location may be miles away from there. Appraisers, this article was prompted by my ‘coming in contact with’ several appraisal reports where different regional appraisers report the physical location of the subject property “in” a particular City associated with the postal ZIP Code for that City. Actually, the property was not “in” the City at all. It was in the County. Since I observed this inaccuracy among appraisers who...

Dear HUD... the Word Extortion Comes to Mind. What's Your End Game? 7

DEAR HUD… What’s Your End Game?

Dear HUD, recently, within the past year or so, you have been on a crusade to prove discrimination and racism in the appraisal process. Your actions haven’t gone unnoticed by many within the appraisal profession as well as outside it. It’s become clear that you are the go to organization for complaints. Ok. Please read this in its entirety and see my thoughts at the end before making a judgement. The reason I am writing you this letter is for a couple of reasons. First and foremost, I am writing this letter to ask you what your TRUE intentions are...

We Should Be the Only One to Determine Any Modernization 2

Modernization Should Only Be Determined by the Appraisal Profession

The appraisal professions should be the only ones to determine any modernization; whatever that is… When Things Don’t Go as Expected Like so many others, I have learned the hard way not to accept any assignment without a little due diligent research first. Make no mistake I do not shy away from difficult assignments. I am under the firm belief the more difficult, the better. I actually enjoy the challenge. I recently accepted a private assignment over the phone for a lot in the City. I was driving and did not have access to MLS or locality records. I knew...

Highest and Best Use - Dead in the Water - Appraisers Blogs 4

Highest and Best Use

Appraisers, I had a recent discussion with a review appraiser, who discussed a ‘situation’ with me. It involved Highest and Best Use (H&BU), and the appraiser’s reluctance to re-do a report so that a loan could be made. The appraiser had checked the H&BU question box on page 1 of the 1004 form as “NO”, which immediately stops the lending process. This H&BU topic is sometimes difficult for appraisers due to many variables which need to be analyzed. The twisted part of this situation (which influenced the appraiser’s H&BU reporting) is the property is in an area where some, not all,...

Incorrect Comments in Multi-Family Appraisal Report 35

Incorrect Comments in Multi-Family Report

I have in my possession an appraisal for a DUPLEX (2 family residence) on a FNMA 1025/FrMac 72 form, commonly called the ‘1025 Form’ which was done by a Certified Residential Appraiser licensed for 8 yrs, 6 months. Items “observed” in the report: UAD rating numbers are used for Quality and Condition. 1025 forms are not UAD coded, so why are these used? Please don’t tell me “the client said so” because the client is incorrect, and may not be aware. Use the standard wording for those items, and provide a definition description of the standard wording you use. The Highest and...

Computershare 15 Minutes Appraisal Reviews & Cheap Diapers 10

Computershare Reviews & Cheap Diapers

The resulting “outcome” of those cheap diapers is the same outcome as Computershare 15-minute reviews must be… This didn’t start out as an article, but you know me. Doing research prior to posting in the 100% comments board I was shocked at how pervasive this new ‘service’ already is. A simple blog post can’t begin to cover it. Every single reader needs to research their own states requirements. The AMC at the following link makes this easy. Please look your state up. My concern was with Computershare and Colorado. Feel free to look them up by clicking here. If that doesn’t...

$15 USPAP Appraisal Reviews in 15 Minutes? - Appraisers Blogs 36

USPAP Appraisal Reviews in 15 Minutes?

$15 USPAP Appraisal Reviews in 15 minutes? A VaCAP member shared with us something they read in an appraiser group on Facebook last week and expressed concern. We agree there is a reason to be concerned and want to alert our members to be cautious. We do not know if the source of this request is an amc or a lender, but either way, there is reason for concern. Here is what was shared: “I have been diligently looking for appraisers to complete to do our NEW USPAP reviews. These pay $15 per report and are completed in 10-15 minutes....

Different Properties on the Same Form? Are you Appraising the Bulk... 11

Different Properties on the Same Form?

Are you appraising the retail values of 10 sites to 10 different owners? Are you appraising the bulk or discounted market value of the 10 sites to a single purchaser? Can the Same Form Have More Than One Property on it? Lots of folks have asked me, “Dustin, can I appraise two different properties on the same appraisal report at the same time?”. Now understand I am not a USPAP instructor, I am an appraiser, so I’m going to answer this question as best I can. The question before us is legitimate, and one which I had to answer recently....

USPAP or Not Mueller REO report 36

Mueller REO Hybrid Appraisal Report

Another Mueller Report has surfaced. The report is a Mueller REO Hybrid Appraisal Report and it was given to an appraiser as a sample. This one raises more questions than the last one! The photos from the property inspection do not tell the appraiser one thing. The photos are dark and the repairs the inspector states are needed, simply are not seen in the photos. It begs the question, does the appraiser have adequate information to complete a credible appraisal? Now take a look at the Mueller REO Hybrid Appraisal report. Pull up the report and follow along. Some things have...

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