Interagency Guidelines, FDIC and AS IS Values

[Ken B]

Were is that evaluation, BPO, AVM, "other products" category?

Funny, they exempt: "do not require the services of an appraiser to protect federal financial and public policy interests or to satisfy principles of safe and sound lending." But did not exempt the use of USPAP?


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Marion's highlights reflect that, although certain transactions may be exempt from the requirements of the Interagency Guidelines, those transactions should still comply with the guidelines of the agencies for which exemption is granted.

Yup.

If at first you don't succeed, read the instructions. Just make sure they are the right instructions. You can't assemble a GM automatic transmission by referencing instructions describing assemblage of a Toyota manual transmission, even if the transmissions have the same basic function. There are different procedures and different tools required for each.

Appendix B of the IAEG discusses Evaluations.

 

[CANative]

I have never heard either, so i'll take you at your word. Do you want to know who I think you sound like?

Yes please.

 

[mark hurlock]

Mr. Builder is 85% complete on a spec house.

Mr. Buyer agrees to purchase Mr. Builder's house upon completion.

Mr. Buyer applies to a lending institution for a mortgage to settled upon completion.

The lending institution requests an as proposed value, estimated settlement 30 days out.

Why would Mr. Buyer's lender need an as is value at 85% completion when Mr. Buyer's lender has absolutely nothing to do with Mr. Builder's construction loan and settlement will be after completion?

Also, why would anyone want to enforce such a requirement?

 

[CANative]

Why stop at a Stop sign when visibility is to the horizon and there is no traffic anywhere to be seen?

 

[mark hurlock]

Why stop at a Stop sign when visibility is to the horizon and there is no traffic anywhere to be seen?

Because there is a traffic officer behind the bush. Is this a trick question?

 

[Ken B]

Karma



....................

 

[CANative]

Why do you continue to take a ridiculous position contrary to something so well known and understood by most appraisers?

 

[Mike Kennedy]

Mr. Buyer's lender has absolutely nothing to do with Mr. Builder's construction loan and settlement will be after completion?"

Exactly. See the Footnote25 in my prior post #6 re commercial construction loans.

 

[mark hurlock]

Why do you continue to take a ridiculous position contrary to something so well known and understood by most appraisers?

Please identify exactly what is ridiculous and contrary to what is understood by most appraisers

 

[Ken B]

Out of curiousity, anyone ever heard of a revolving line of credit?