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ROV (Reconsideration of Value) Changes – FHA and GSEs

Appraisal Today

Within this framework, the lender must include steps for the borrower to appeal an appraisal when they believe the value opinion: is unsupported; is deficient due to unacceptable appraisal practices; or reflects discriminatory practices. Many appraisers will probably not like it, but will like to have a standardized ROV method.

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Appraisers: How and Why To Check Carbon Monoxide Detectors

Appraisal Today

Read this article on how to check CO detectors. As you might expect, it didn’t take long for both John and Suzy’s parents to hire a law firm and start going after all the real estate professionals involved. Killed by Carbon Monoxide: Appraiser Blamed. You may save someone’s life!! by Kendra Budd, Associate Editor, WorkingRE.

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FHA: Cosmetic vs. MPR Repairs

Appraisal Today

MPR Repairs: Guidance for FHA Appraisers By: McKissock Excerpts: If you are appraising a property that needs some cosmetic repairs but meets FHA minimum property requirements (MPR) in its current condition, you should make the appraisal “as-is.” Over time, many have been significantly over-valued per the IRS.

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Appraiser Pressure – What To Do?

Appraisal Today

A lender might ask an appraiser to guarantee values beforehand simply because he or she is unaware that it is unethical for an appraiser to do so. You might be surprised at your client’s response if you take the time to educate him or her. Does it depend on who trained you? How to Handle Appraisal Pressure and Stay Ethical?