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Help with REO Appraisal

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Sophia Berry

Thread Starter
Freshman Member
Joined
Feb 21, 2005
Professional Status
Licensed Appraiser
State
Georgia
Hello:

I received my first order for a REO appraisal and I've never done one. Can anyone send me an completed page of the Supplemnetal REO Addendum? I just want to see exactly what they are looking for, and the language to use.

Thanks.
 

stefan olafson

Senior Member
Joined
Apr 2, 2003
Professional Status
Certified General Appraiser
State
North Dakota
They want three current listings and a laundry list of what needs to be repaired, in your opinion so the house will sell within the alloted exposure time you have developed.

I typically increase the costs by 1 1/2 times just because people tend to charge more when repairing bank owned property.
 

Greg Bell

Senior Member
Joined
Jul 7, 2006
Professional Status
Gvmt Agency, FNMA, HUD, VA etc.
State
Louisiana
Your software should have the REO addendum.Pay close attention to what the clients wants as far as marketing time.The client should give a complete scope of work for the assignment.
 

Ray Miller

Elite Member
Joined
Feb 20, 2002
Professional Status
Licensed Appraiser
State
Wisconsin
I would hope you have someone you can work with in doing an REO that has the experience. You will need to project out the selling value in several ways.:huh:

I would also suggest a course or two on REO appraisals. It not just a simple thing to copy and use data from another report?:unsure:

You need to ahere to USPAP and by asking the questions here for a copy to see. I think maybe you are not following the directives in USPAP.:new_multi:
 

Joe Booth

Junior Member
Joined
Oct 16, 2003
Professional Status
Certified Residential Appraiser
State
California
Reading the FHA handbook can help.
 

leelansford

Elite Member
Joined
Mar 29, 2002
Professional Status
Certified Residential Appraiser
State
Illinois
Hello:

I received my first order for a REO appraisal and I've never done one. Can anyone send me an completed page of the Supplemnetal REO Addendum? I just want to see exactly what they are looking for, and the language to use.

Thanks.

Every situation is unique and the reporting requirements are self-explanatory.

You can do it.
 
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