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Appraiser gives an opinion and writes a report – The appraiser takes photos to document the property’s condition and, in the case of a single-family home, completes a form called the Uniform ...
The most current incarnation of the URAR is the Fannie Mae Form 1004 [1] updated for March 2005. It is considered a full appraisal with all three approaches to value, cost approach, sales comparison approach, and income approach. [2]
The appraisal would take place on location of the borrower's property. The appraiser may take pictures of the house from many angles and will take notes on how the property looks. He/she will type up an appraisal and submit it to the lender or broker (depending on who ordered the appraisal.)
The leading appraisal organization for personal property valuation is the American Society of Appraisers which is a sponsor member of the Appraisal Foundation and awards the ASA (Accredited Senior Appraiser) designation to candidates who complete five years of documented appraisal experience, pass a comprehensive exam along with required ...
Major lenders are increasingly saying goodbye to traditional appraisals for their home equity loans and HELOCs. We take a closer look at no-appraisal home equity loans — and whether you need a ...
A home with a low appraisal represents a higher risk for the lender because you could end up underwater on the new mortgage. If you get a low appraisal, there are a few things you can do:
1] I agree. Also remove the 1 million + appraisal community. There are only 75,000 appraisers today. I am sure the number was higher in 2008. Maybe 90,000+/- but not 1 M. There is no correlation to the loss of employees to HVCC. The correlation is the loss of employees is a direct result of a market crash.
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