- Nov 1, 2006
- Professional Status
- Certified General Appraiser
So for FRT, is it the transaction value or loan value? What if the transaction is below market or the loan value is significantly less than the actual property value? For non-FRT, how do you know that the value will be less than $250,000 until you get into it? Sometimes, it might be obvious, but if it ends up being $275,000, do you just pull up and say that you can't do this appraisal and lose all of your time spent on it?
Not my problem as I am CG, but it does invite the SL or CR to minimize the close ones. My associates had no issue because they simply fell back on my signature although I normally did the big ones. So it depends but in the old days usually was talking $100k or less. And excellent way to get paid while accumulating experience hours. Xp hours don't require co-signature which is fine with me. I had 1000 hr. of commercial when I sat for the CR test. Most was bare land, small farmsteads, or small town retail buildings often selling or valued at less than $50,000. Here it was after Y2K before land sold for more than $2,000 acre. 90% "agri" here is pasture.Sometimes, it might be obvious, but if it ends up being $275,000, do you just pull up and say that you can't do this appraisal and lose all of your time spent on it?