FEMA appraisal requirements

Discussion in 'General Appraisal Discussion' started by VolcanoLvr, Nov 6, 2009.

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  1. VolcanoLvr

    VolcanoLvr Senior Member

    1
    Oct 30, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    Washington
    Question: when FEMA is involved with paying for distressed or damaged properties, do they have a requirement to have a certain number of appraisals performed on that property in order to arrive at a pay-out value?

    I have heard that 3 appraisals are required, but don't have factual details to back that up.

    If you can answer, also provide the regulation number, federal law, etc. that so states the requirement....if you know it or tell me where to look it up.
     
  2. Mark K

    Mark K Senior Member

    4
    Jan 27, 2004
    Professional Status:
    Certified Residential Appraiser
    State:
    Indiana
    I've done a few for FEMA. They take two and average them for a starting point, at least in the cases I worked. They then negotiate from there, usually giving the owner enough to encourage them to move and add in moving expenses, differential payments, mortgage subsudies, etc.

    I wish FEMA wanted my house.

    Sorry, don't have any reg numbers.
     
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