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Master Appraisal Help

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Ron Patton

Thread Starter
Sophomore Member
Joined
Sep 5, 2004
Professional Status
Certified Residential Appraiser
State
Tennessee
A major bank construction department has requested "master appraisals" for two floor plans in a townhome development. In spite of 20 years +/- in residential appraising, I have never had this request before. First, can a generic appraisal be done in compliance with USPAP. Are there specific issues that you suggest addressing; i.e., effective date, legal description, variances from floor plan, length of time appraisal is valid. Would appreciate any and all insight, suggestions. Ron Patton, Chattanooga, TN, [email protected]
 

Kevin Mc

Elite Member
Joined
Jun 7, 2004
Professional Status
Certified Residential Appraiser
State
New York
First, can a generic appraisal be done in compliance with USPAP.

Sure. I have done many of them over the years for new development. The intended user is trying to get an idea of where they stand. The master appraisal will be a "template" if you will of which the following appraisals for completed units will be based. What are you concerned about in terms of USPAP? Many items will change over time for each subsequent appraisal and you deal with the changes accordingly when the time comes. Good luck.
 

Kevin A. Spellman

Senior Member
Joined
Aug 30, 2003
Professional Status
Certified Residential Appraiser
State
Massachusetts
FNMA rolled out the use of a Master Appraisal for condominium development about ten years ago or so to curb the cost of the developer to seek an appraisal for each unit for construction. The lender can use a master appraisal for both the construction and the sale of the unit. I do not know of anyone who has provided a master appraisal for a development. There were too many lenders going after the same borrower. I was in a seminar for this, but I knew it would never happen in my service area. You may have to receive qualifications to provide this service as a provider of a Master Appraisal. Search FNMA web site.
 
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