• Welcome to AppraisersForum.com, the premier online  community for the discussion of real estate appraisal. Register a free account to be able to post and unlock additional forums and features.

REO Appraisal

Status
Not open for further replies.

Bill Penny

Thread Starter
Freshman Member
Joined
Sep 20, 2006
Professional Status
Certified Residential Appraiser
State
Washington
Do I use REO Listings for the REO Portion of the appraisal or Non REO Listings. Thank You!
 

RSW

Elite Member
Joined
Feb 18, 2002
Professional Status
Certified Residential Appraiser
State
Tennessee
You should use what the market is. If it is REO's then use REO's. If it is market listings, use market listings.
 

VegasWayne

Senior Member
Joined
Nov 15, 2007
Professional Status
Licensed Appraiser
State
Nevada
Since the REO addendum asks for competing listings, the listings should be REO's or short sales.
 

Dirty Harry

Junior Member
Joined
May 11, 2005
Professional Status
Licensed Appraiser
State
Oregon
Do I use REO Listings for the REO Portion of the appraisal or Non REO Listings. Thank You!

Gee...

And FHA is going to change it so only Certified Appraisers can do FHA appraisals, go figure. :(

:peace:
 

Flyfishnnut

Freshman Member
Joined
Aug 20, 2008
Professional Status
Certified Residential Appraiser
State
Oregon
:new_all_coholic:I assume the appraisal asks for an "As is" value and a, "As is-Quick Sale" value. So, essentially, you use a combination of them. Best being to use the "normal" market sales comparables, with a couple or three REO properties if they're available - otherwise you'll end up doing what I did - do a 6 to 8 year analysis for the area to find any matched-pairs in order to find an approximation. Since you're asking IF you should use REO sales/listing - I assume you do have some - which should make your job a bit easier - if that can ever truly be said.
 

Chris White

Sophomore Member
Joined
Nov 16, 2004
Professional Status
Certified Residential Appraiser
State
South Carolina
It really depends on the market. You can use a combo of both....but if you do use REO sales make sure they meet FHA guidelines for using them is an appraisal...(exposed to market etc.etc.) and make sure you denote which are REO sales.
 

Wilsy03

Freshman Member
Joined
Sep 24, 2007
Professional Status
Licensed Appraiser
State
Michigan
Working on my first REO appraisal and I am looking for any tips what so ever. I know they are looking for the as-is, as-repaired and quick sale values . What type of comps do I include and where do I state all of these values in the appraisal report? Is there an addendum that needs to be included?
 

Tim Hicks (Texas)

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Texas
Working on my first REO appraisal and I am looking for any tips what so ever. I know they are looking for the as-is, as-repaired and quick sale values . What type of comps do I include and where do I state all of these values in the appraisal report? Is there an addendum that needs to be included?


Double posting is a no no. Please read your own topic for answers you need.

Shouldn't you incude "as is" and normal sales and listings to support your "as is" and "as repaired" value. Listings might reflect a different market than the sales if you are in a declining market.
 

Flyfishnnut

Freshman Member
Joined
Aug 20, 2008
Professional Status
Certified Residential Appraiser
State
Oregon
The addendum you need is the "Supplemental Real Estate Owned Appraisal Addendum" - it provides space for 3 listings - AND - in the column below has an area for the "Repair Items" to place your cost to cure issues - then make sure you include that amount in your URAR - may I suggest on the "Condition" line. The additional various values - As-is, As-Repaired, As-is-Quick Sale, and As-Repaired-Quick Sale are also included on that form at the bottom. The form IS available in WINTOTAL or AURORA - not sure about the other software systems - but I assume it is. The one thing about this - is you're doing 4 appraisals - not just one. Hopefully you got a decent fee for this ? (I didn't get enough on my last one) Took me four "full" days to do the work - inspection included. Good luck. Jer
 
Status
Not open for further replies.
Find a Real Estate Appraiser - Enter Zip Code

Copyright © 2000-, AppraisersForum.com, All Rights Reserved
AppraisersForum.com is proudly hosted by the folks at
AppraiserSites.com
Top

AdBlock Detected

We get it, advertisements are annoying!

Sure, ad-blocking software does a great job at blocking ads, but it also blocks useful features of our website. For the best site experience please disable your AdBlocker.

I've Disabled AdBlock
No Thanks