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Master Appraisal, Have You Done Any?

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Charlotte Dixon

Senior Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Delaware
I've done a couple of these before, but none recently. I'm interested in any input any of you have regarding the preparation of these reports.

This is a proposed new construction, llimited summary report, on no particular lot in a specific subdivision, and of a specific model. Example: Please do a master appraisal in the Skylark Subdivision of these particular models:
Lunar Model
Starburst Model
Sunbeam Model
Moonglow Model

They send plans and specs of the basic models with no upgrades and tell me to contact their model home rep with any questions.
 

Ben Vukicevich SRA

Senior Member
Joined
Feb 9, 2002
Professional Status
Certified General Appraiser
State
New Jersey
They are pretty neat. No address in the address line. Just "Benchmark Appraisal for Starburst Model." No legal description either. I'm doing a FNMA condo project approval right now

And... yippee...no more Addendum A for condo project approvals...I always hated Addendum A...

Charlotte, email me if you have any other questions.

Ben
 

NC Old Guy

Junior Member
Joined
Jan 16, 2002
Professional Status
Certified General Appraiser
State
North Carolina
Not sure that you can get by with limited appraisal--summary report. New construction? I believe that is truly the only the time that the cost approach has tremendous relevance and to be considered "credible", you might have a hard time arguing why you did not include the approach. I'm assuming you were implying it was going on a 2055 type form. Besides, as a master appraisal, how then does the client satisfy the requirement for those borrowers where only the URAR will be sufficient? Just my $0.2 worth.
 

Charlotte Dixon

Senior Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Delaware
Originally posted by Leon Perkinson@May 17 2003, 07:45 PM
Not sure that you can get by with limited appraisal--summary report. New construction? I believe that is truly the only the time that the cost approach has tremendous relevance and to be considered "credible", you might have a hard time arguing why you did not include the approach. I'm assuming you were implying it was going on a 2055 type form.
Leon, no 2055 report, a Limited Summary URAR Appraisal Report with a full cost approach. Limited because it's not been built. That's what the client has requested for their pre-construction portfolio. Thanks.
 

Frederick R. Ruffell

Senior Member
Joined
Jan 21, 2002
Professional Status
Certified General Appraiser
State
California
Charlotte, I am confused, do you mean "Limited" as in the departure rule has been invoked? If so what USPAP requirements are you departing from?
 

Charlotte Dixon

Senior Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Delaware
Originally posted by Frederick R. Ruffell@May 18 2003, 12:32 AM
Charlotte, I am confused, do you mean "Limited" as in the departure rule has been invoked? If so what USPAP requirements are you departing from?
No, Fred

I was confused...Ben put me straight. Thank you.
 

Restrain

Elite Member
Joined
Jan 22, 2002
Professional Status
Certified General Appraiser
State
Florida
Builders love these. They get 5 reports, sell 300 homes with the 5 reports, just signing a certificate with each sale.

Roger
 
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