Help with REO Appraisal

[Sophia Berry]

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]

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]

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]

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.

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?

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]

Reading the FHA handbook can help.

 

[leelansford]

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.