Appraisals are a Big Deal for all concerned...Sellers...Buyers...Investors...and REALTORS. And the rules and regulations are in flux. ..as GARY points out in the post that follows. What does that mean to "all concerned"? READ ON!
Clearly in today's world more and more regulations keep popping up.
It seems to be never ending with banking, taxes, law. Now effective from Sept. 1, 2011, more detail has invaded the residential appraisal world.
Some new appraisal guidelines just in case this area slipped past you. How do we keep up with it all? Hey reading blogs is a start, ha ha:
Fannie Mae and Freddie Mac have implemented UMDP (Uniform Mortgage Data Program), FHA probably around January 1, 2012, no word yet on VA
Dec. 1, 2011 electronically deliver fully UAD-compliant appraisals and expanded loan delifery data to FannieMae and FreddieMac through a new portal
- March 19, 2012 lenders deliver appraisals and loan delivery data in an industry standard called ULDD
- New info includes Days On Market (total) over days house on market, Offering Price (history and changes)
- Sale type reported, pick first that fits on list, REO, Short sale, Court ordered sale, Estate sale, Relocation sale, Non-arms length sale (a relationship between parties), Arms length sale (no relationship between buyer and seller)
- Financial assistance or concessions reported
- Site area: Parcels less than one acre use square footage, greater than one acre report acres
- 11 Location Factors: Residential, Industrial, Commercial, Busy Road, Water Front, Golf Course, Adjacent to Park, Landfill, Public Transportation, Adjacent to Power Lines, Other
- Property Style, like Ranch, Colonial, Rambler, Farmhouse, etc.
- A view rating is needed: Neutral, Beneficial or Adverse
- 13 categories of Property View: Water View, Pastoral View, Woods View, Park View, Golf Course View, City Skyline View, Mountain View, Residential View, City Street View, Industrial View, Power Lines, Limited Sight, Other
- Condition of Property: Not Updated, Updated, Remodeled
- Sale Date of Comps: Good luck with an appraiser not part of an MLS getting that info
- Quality of Construction: Q1 to Q6, Q1 being the highest
- Access to Basement reported as Walk Out, Walk Up or Interior Only
- Management Company now reported: The appraiser is now required to report the name of the Appraisal Management Company assigning the appraiser. This will weed out bad appraisers over time
Appraisals going forward will take longer to complete, COST MORE inevitably even in a down economy with competition in the profession and will require more REALTOR input to get information to complete them.
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