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  #1  
Old 02-19-2009, 06:43 PM
sagi72 sagi72 is offline
 
Join Date: Feb 2009
State: Georgia
Professional Status: Certified Residential Appraiser
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Default REO Appraisal

I just accepted a REO appraisal assignment today. It has been a while since I last completed one, any tips or suggestions would be appreciated.
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  #2  
Old 02-19-2009, 07:10 PM
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Hamlet Hamlet is offline
 
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Location: Where the corn grows
State: Ohio
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Don't open the refrigerator door.
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  #3  
Old 02-19-2009, 07:15 PM
Mountain Man Mountain Man is offline
 
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Quote:
Originally Posted by Hamlet View Post
Don't open the refrigerator door.
ROFLMAO!!!

Yep, that's our Hamlet!
  #4  
Old 02-19-2009, 07:56 PM
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Hamlet Hamlet is offline
 
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Originally Posted by Mountain Man View Post
Yep, that's our Hamlet!


I am being as helpful as I can with the information given.
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  #5  
Old 02-19-2009, 08:03 PM
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Mr Rex Mr Rex is offline
 
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I was going to point out the Competency Rule requirement to "disclose to the client the lack of knowledge and/or experience to the client before accepting the assignment" thing, but I grow tired of the popular refrain of "mean appraisers suck". I am a fragile flower, and easily bruised by negative karma.
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  #6  
Old 02-20-2009, 12:00 PM
Mountain Man Mountain Man is offline
 
Join Date: Jan 2002
Location: GA
State: Georgia
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sagi, since you are in GA...

http://www.georgiaappraiserschool.com/

Take John's REO appraising class. It's gotten rave reviews from those who have taken it!
  #7  
Old 02-20-2009, 12:03 PM
leelansford leelansford is offline
 
Join Date: Mar 2002
State: Illinois
Professional Status: Certified Residential Appraiser
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Quote:
Originally Posted by sagi72 View Post
I just accepted a REO appraisal assignment today. It has been a while since I last completed one, any tips or suggestions would be appreciated.

You're appraising this for the present lien-holder or...?!

A bit more specifically, what concerns do you have?
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  #8  
Old 02-20-2009, 12:43 PM
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Vegan702 Vegan702 is offline
 
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Location: Nevada
State: Nevada
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Quote:
Originally Posted by Hamlet View Post
Don't open the refrigerator door.

Doesn't it just draw you to open the door though? I know it does me. I will walk by the fridge 3 or 4 times when going through the house and it's like it's calling my name, Vegan, open my door, Vegan, come on I know you want to see what's inside, Vegan, I have something special inside for you.

Same thing for the toilets! I just don't know why I do it every time, and every time it's full with no water!
  #9  
Old 02-20-2009, 01:05 PM
sagi72 sagi72 is offline
 
Join Date: Feb 2009
State: Georgia
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I am in the process of trying to find someone to work with me on this file.This is going to be my CE class this spring.It is for the Lien holder.
  #10  
Old 02-20-2009, 01:31 PM
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VegasWayne VegasWayne is offline
 
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Location: Area 24
State: Nevada
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Quote:
Originally Posted by Vegan702 View Post

Same thing for the toilets! I just don't know why I do it every time, and every time it's full with no water!
You have all the luck, some of my REO's didn't have toilets.

To the original post, find out what is required from the client. Not all require an REO addendum. Also some want a 30 day quick sale value and others may want it for 90 days or 120 days.
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