REO Adenda

[jefflang]

I am a new appraiser. I have never used this form. Can anyone tell me the piticulars of this form. It seems to be faily strait forward but I wanted to get some experianced point of views.

 

[Restrain]

The listings are straight-forward. Be sure the marketing data in the REO form conforms with your marketing data on the 1st page of the 1004. The main item is the estimated amount of repairs. Don't be conservative with your figures. Also qualify your report for hidden damages and professional inspections.

Finally, the REO form requires an "as is" and "as repaired" value, both with a typical marketing time (which you need to state somewhere in the report) and with the client-specified marketing time which may differ from the market.

Roger

 

[Dee Dee]

What does your supervisory mentor say?

 

[jefflang]

Thanks for the advice.

 

[Wally Jones]

Please do this with your supervisor. An REO assignment may contain some unique requirements you haven't yet had a chance to experience and won't even know to look for on your own. Some clients have rather detailed requests for these assignments and they are usually more time consuming, take more research and require more experience than you would need for a normal appraising assignment.

Be sure to have your supervisor involved in every step of this one so you'll learn from the experience rather than be frustrated by it. Especially if it's reviewed.