H.B. Userman
Junior Member
- Joined
- Nov 11, 2003
- Professional Status
- Certified General Appraiser
- State
- Wisconsin
My subject was a run down industrial building. The property was being purchased and renovated to almost new condition.
The client ordered the report while the building was in the midst of remodeling. The client requested an "as completed" value only.
My appraisal was reviewed and the review stated that per USPAP and FIRREA, the appraisal should have included an "as is" value.
Is he correct? I have read through USPAP and FIRREA, but may have missed the part that states that an "as is" value is ALWAYS required.
The client ordered the report while the building was in the midst of remodeling. The client requested an "as completed" value only.
My appraisal was reviewed and the review stated that per USPAP and FIRREA, the appraisal should have included an "as is" value.
Is he correct? I have read through USPAP and FIRREA, but may have missed the part that states that an "as is" value is ALWAYS required.