NSP property resale

[SteveSpy]

If you are asked to value the fee simple absolute interest; then it will not affect the legal interest which you are appraising. Your client is correct in that case and they will work out the title and encumbrance releases on their end.

If you are asked to value the saleable interest, then the restriction will come into your scope of work.

Yes, I have extensive experience in deed-restricted and encumbered interest valuation. That is not something a true expert can do for a few hundred bucks that the lender wants to pay for an appraisal.

Thank you Russ!

I sent a request to the client to clarify the SOW for this assignment. If you do work in Chicago, or have a recommended firm you partner with, feel free to DM me and I will recommend the Client enlist a firm with his type of expertise.

I appreciate your help!

 

[Ricky LaFleur]

Lots of us haven't done FHA for years...and I have never encountered that here. Only 3 counties in the state had 1000 or more foreclosures to start with, and less that $20 million is allocated for the entire state..

I said that in jest. I took a stab at the NSP acronym to mean Not So Pretty, which it apparently doesn't mean that after all

 

[sputnam]

Oh I'm sure. 36 years as a full time appraiser, consultant, and reviewer. Appraiser instructor in my home State. Certified General in 4 States. I probably can't help you... right. Maybe, you should consider that different parts of the country.. and even sometimes in the same part of the country... people use different terms to refer to the same thing.

Now that I've finished my rant. You are the appraiser. Most of the time, your job is to determine and report the market value of the subject property. That's it. You aren't HUDs police. If people violate their agreements, it's not your problem.

 

[SteveSpy]

Oh I'm sure. 36 years as a full time appraiser, consultant, and reviewer. Appraiser instructor in my home State. Certified General in 4 States. I probably can't help you... right. Maybe, you should consider that different parts of the country.. and even sometimes in the same part of the country... people use different terms to refer to the same thing.

Now that I've finished my rant. You are the appraiser. Most of the time, your job is to determine and report the market value of the subject property. That's it. You aren't HUDs police. If people violate their agreements, it's not your problem.

Seems like you are viewing this thread through a pretty dark prism my friend. No offense was intended.

I got nothing but Love for the folks of the forum, yourself included.