"Master Appraisal"

[DWiley]

We have done several of these. If you have not done one before, I strongly suggesting reviewing the required scope of work prior to discussing the fee, particularly if it is to be reported on the Fannie Mae master appraisal form 2045. This is not a typical assignment. If the builder offers a lot of optional features, these assignments can be very time consuming.

 

[PropertyEconomics]

The "Master Appraisals" that I am familiar with are condemnation related - The Master spells out the assignment conditions and the individual parcels are appraised separately. The list of sales write ups are all in the master and then each parcel appraised references those write ups for the comps.

Here we call those Basic Data Books that apply to the condemnation project.

 

[alex gilbert]

fyi -

https://www.efanniemae.com/sf/formsdocs/forms/2045.jsp

 

[Mike Boyd]

Looks like you are doing a non-site specific appraisal for each model the builder plans to build in that subdivision. So if they are building 5 models, I would assume you would do 5 "master" appraisals.

I would also assume you would go into a narrative addendum explaining marketable differences between sites (pond front, conservation, etc), as well as differences in exterior amenities (pool, patio, etc).

But I've never done one, so its just a guess.

You are correct. I have done them for each phase of a large PUD project. Narratives are not needed but you need to complete a separate report (1004) for each model. These would be completed subject to completion. The construction lender wants to know if the project is feasible so you will have to provide a sales rate for monthly projections.

 

[eric mccay]

Thanks for the help!