Mark K
Elite Member
- Joined
- Jan 27, 2004
- Professional Status
- Certified Residential Appraiser
- State
- Indiana
Don't assume interior condition based on assumptions and/or speculation. There's a good chance its not a tear down.
Not a drive-by assignment. If you can't get inside, don't do it. Period.
After interior access I still wouldn't put a value on it without credible repair estimates. There may/should be an insurance company involved; they might have repair estimates.
Last one I did like this was a PITA and I ended up charging about 3-4X normal mtg. appraisal fee. I've never worked for an AMC but I would insist on communicating directly with the lender to determine proper SOW. How much leg work do they want you to do?
Not a drive-by assignment. If you can't get inside, don't do it. Period.
After interior access I still wouldn't put a value on it without credible repair estimates. There may/should be an insurance company involved; they might have repair estimates.
Last one I did like this was a PITA and I ended up charging about 3-4X normal mtg. appraisal fee. I've never worked for an AMC but I would insist on communicating directly with the lender to determine proper SOW. How much leg work do they want you to do?