2-4 units, max loan amount for AL?

[Cliff]

I have search everywhere.

What is the max loan amount AL can appraise 2-4 units? Any help will be appreciated, thank you.

I have heard 250k and also heard non-complex properties....

 

[Matt Lemansky]

AL can appraise non-complex 1-4 family properties with a transaction value up to $1,000,000. The $250,000 limit is for non-residential.

 

[hastalavista]

I have search everywhere.

What is the max loan amount AL can appraise 2-4 units? Any help will be appreciated, thank you.

I have heard 250k and also heard non-complex properties....

At the bottom of the FAQ, there is some guidance to your question:


http://www.orea.ca.gov/html/faqlic.shtml

 

[AnonApprsr]

Transaction value means loan amount in most cases. The MF can be selling for 10 Billion Dollars, but if the loan is $999,999.99 a Licensed Appraiser can perform that assignment. Based on MA state law I believe. May vary in your state.

 

[Matt Lemansky]

Transaction value means loan amount in most cases. The MF can be selling for 10 Billion Dollars, but if the loan is $999,999.99 a Licensed Appraiser can perform that assignment. Based on MA state law I believe. May vary in your state.

It's the same in CA...sale price doesn't matter, it's the loan/transaction amount that counts.

 

[Bob Ipock]

http://ncappraisalboard.org/forms/InformationBooklet.pdf



See page 13


OREA notification (see info at bottom of requirements chart. Near middle of page.

http://www.orea.ca.gov/html/lic_reqmts.shtml

 

[VegasWayne]

It is true that the loan/transaction amount is what counts, but do you really want to have to explain this to the state board.

 

[Mike Boyd]

It is true that the loan/transaction amount is what counts, but do you really want to have to explain this to the state board.

Why would you have to explain it to the state board who is enforcing state law?

 

[VegasWayne]

There were two licensed appraisers in Nevada that had to do this to keep their licenses.

 

[Jimmy L Kim]

This is few years back but when I spoke to OREA, they said if the appraisal report is for a mortgage transaction, you go by the loan amount regardless of market value. For any other purpose(insurance, estate, etc...), then by market value. However, the problem is that most lender/investor prefer work to be done by AR or AG if the value is over 1M.