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2-4 units, max loan amount for AL?

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Cliff

Thread Starter
Sophomore Member
Joined
Jun 7, 2006
Professional Status
Licensed Appraiser
State
California
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

Sophomore Member
Joined
Aug 13, 2004
Professional Status
Certified Residential Appraiser
State
California
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.
 

AnonApprsr

Elite Member
Joined
Jan 21, 2008
Professional Status
Certified Residential Appraiser
State
Massachusetts
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

Sophomore Member
Joined
Aug 13, 2004
Professional Status
Certified Residential Appraiser
State
California
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.
 

VegasWayne

Senior Member
Joined
Nov 15, 2007
Professional Status
Licensed Appraiser
State
Nevada
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

Elite Member
Joined
Jan 18, 2002
Professional Status
Retired Appraiser
State
California
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

Senior Member
Joined
Nov 15, 2007
Professional Status
Licensed Appraiser
State
Nevada
There were two licensed appraisers in Nevada that had to do this to keep their licenses.
 

Jimmy L Kim

Freshman Member
Joined
Oct 23, 2006
Professional Status
Certified Residential Appraiser
State
California
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.
 
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