Liquidation/Quick Sale Value

[Calvin the Airedale]

Dear Grace,

Welcome to Brow Beating 101.

 

[AnonApprsr]

I always look at marketing time. How long is "quick sale" or "liquidation" supposed to take? From there, it's market research. Don't forget auctions!

 

[Jacqueline Doty]

Just a heads up...there will be more requests for appraisals that include a "liquidation value" addendum with a 30-day market exposure period. Over and out.

 

[Surf Cat]

Say like Sly Stallone (or Webbed Rambo); “She drew first blood…..she drew first blood”.

Kidding aside, what is the purpose of the appraisal? Aside from an As – Is, As repaired, and liquidation value? You state “the lender” is saying they do not need an REO addendum. Is this an REO assignment?

 

[Calvin the Airedale]

Just a heads up...there will be more requests for appraisals that include a "liquidation value" addendum with a 30-day market exposure period. Over and out.

Dear Jackie,

Perhaps the GSEs would be kind enough to specifically define the LV they are looking for in such situations. The Dictionary of RE Appraisal contains the definition shown earlier in this thread. The dilemma comes from the main body of the FNMA form which confines the appraiser to the definition of MV preprinted in that form.

 

[Grace]

30 Day Quick Sale Value

Kidding aside, what is the purpose of the appraisal? Aside from an As – Is, As repaired, and liquidation value? You state “the lender” is saying they do not need an REO addendum. Is this an REO assignment?

Yes, this is an REO (The lender stated "It's going through the REO process.")

The lender has requested the following:
As-Is Value (normal market time)
As-Is Repaired Value (normal market time) If repairs are needed
and...
30 Day Quick Sale Value.

The lender indicates "We do not need the REO addendum for this."

I called and they want the 30 Day Quick Sale Value in the comments section.

Just wondering where appraisers experienced with 30 Day Quick Sales document their 30 day value?

 

[Zmcraney]

I would more than likely supply ALL the values in an addendum. Simply put REFER TO ADDENDUM in the reconciliation of value section and anywhere else you think it is fitting. In the addendum you can provide all three values. just my $0.02

 

[Tom Woolford]

Dear Grace,

Welcome to Brow Beating 101.

Which is why I'm checking in here less and less.

 

[Zmcraney]

Which is why I'm checking in here less and less.

Agreed. There are some that are "a legend in their own minds" who simply want to show people how "smart" they are every time they are given a chance. This is sad, I used to like this place a lot more

 

[Webbed Feet]

Yes, this is an REO (The lender stated "It's going through the REO process.")

The lender has requested the following:
As-Is Value (normal market time)
As-Is Repaired Value (normal market time) If repairs are needed
and...
30 Day Quick Sale Value.

(Grace ....... .sigh..... Ok ... Using the definition of "Market Value" they want an "as is" and a "as repaired" value opinion... That is two... Then, using a "30 Day Quick Sale Value" definition, that the phone monkey has not provided and is completely ignorant about what that means, do they want BOTH another "as is" and "as repaired" value opinions?

That would be a total of four value opinions.............. )

The lender indicates "We do not need the REO addendum for this."

(Of course not. They want a steep fee discount and think taking away a form wins them that!)

I called and they want the 30 Day Quick Sale Value in the comments section.

(See above..............)

Just wondering where appraisers experienced with 30 Day Quick Sales document their 30 day value?

Grace, do you mean "document" under Standard One for the work file, or "report" under Standard Two in the report?