REO Appraisal

[Bill Penny]

Do I use REO Listings for the REO Portion of the appraisal or Non REO Listings. Thank You!

 

[RSW]

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]

Since the REO addendum asks for competing listings, the listings should be REO's or short sales.

 

[Dirty Harry]

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.

 

[Zero]

Do I use REO Listings for the REO Portion of the appraisal or Non REO Listings. Thank You!

Yes..............

 

[Flyfishnnut]

: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]

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]

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)]

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]

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