Terrel L. Shields
Elite Member
- Joined
- May 2, 2002
- Professional Status
- Certified General Appraiser
- State
- Arkansas
You can do yourself and the banks (local real bankers) a favor by offering to give a little dog and pony show. The new Fannie forms will be an ideal subject.
You can do this in an hour or two by asking the bankers if they would like you to go step by step thru the new form and discuss what they are seeing. Good general overview of the 2 pages + the new cert. Hold to about 4-10 at the most at a time and you will get a lot of interaction. The bank likely has a closing room or conference room where you can set it up and do it.
You won't need to give a direct plug for yourself...Doing this is a plug for yourself.
This came to mind when I appraised a place for $85K, RCN $110K, 40% deprec and the insurance co. inquired to the banker that their reconstruction cost new was $118K - borrower had wanted to know why they wanted to insure for 118K but only appraised for 85K ...lender did not know how to read our RCN. (Reconstructin new from insurance co. is generally 10% or more higher than Replacement Cost new....assumption is that a fire or disaster replacement is more expensive than building new on a bare tract.) had they known they could explain that the RCN's were not that far apart, but depreciation and land value were the difference.
Ter
You can do this in an hour or two by asking the bankers if they would like you to go step by step thru the new form and discuss what they are seeing. Good general overview of the 2 pages + the new cert. Hold to about 4-10 at the most at a time and you will get a lot of interaction. The bank likely has a closing room or conference room where you can set it up and do it.
You won't need to give a direct plug for yourself...Doing this is a plug for yourself.
This came to mind when I appraised a place for $85K, RCN $110K, 40% deprec and the insurance co. inquired to the banker that their reconstruction cost new was $118K - borrower had wanted to know why they wanted to insure for 118K but only appraised for 85K ...lender did not know how to read our RCN. (Reconstructin new from insurance co. is generally 10% or more higher than Replacement Cost new....assumption is that a fire or disaster replacement is more expensive than building new on a bare tract.) had they known they could explain that the RCN's were not that far apart, but depreciation and land value were the difference.
Ter