The Appraiser's Water Cooler

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Mary Maher
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  • Oswego, IL
  • United States
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Plans and Spec appraisal
6 Replies

Hi, I got an odd question from a lender today. He has a client who had gotten a new construction appraisal from a different lender and the other appraiser did a plans and specs appraisal w/o inclu...

Started this discussion. Last reply by Joe The Appraiser Oct 15.

 

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Did they really spell it Fannie May?? LOL
October 15
Fannie and Freddie not require the Cost Approach. However if this was a construction loan it probably was not going to Fannie or Freddie. Local Banks in my market require the cost Approach to be completed and the AI recommends that a cost approach...
October 15
That's just what the 1004 form says in bold in the cost approach section. Any ethical appraiser would fill this out.
October 5
The appraiser probably cloned the report and that was one of the canned comments from the cloned report. However, on all new construction appraisals I do, the lenders require the cost approach including the land value.
October 1
They spelled Fannie Mae wrong? Why do cost approach w/o site value? Site value on new construction has to be one of the easier ones to derive. Never heard of such a thing, was the Cost Approach to Value attempted at all?
September 29
It does sound odd. Was there no cost approach developed at all?
September 28
Mary Maher added a discussion
Hi, I got an odd question from a lender today. He has a client who had gotten a new construction appraisal from a different lender and the other appraiser did a plans and specs appraisal w/o including any kind of land value and stated that "site ...
September 28

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Here's my web site:
http://www.maherappraisal.com
I started appraising in:
September 29, 1999
I heard about the Appraisers Water Cooler from:
Seminar/Webinar

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