Mary Maher's Discussions

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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Joe The Appraiser replied to Mary Maher's discussion 'Plans and Spec appraisal'

Did they really spell it Fannie May?? LOL

October 15

Chris Jourdan replied to Mary Maher's discussion 'Plans and Spec appraisal'

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

Doug Eisenhard replied to Mary Maher's discussion 'Plans and Spec appraisal'

That's just what the 1004 form says in bold in the cost approach section. Any ethical appraiser would fill this out.

October 5

Randy Bennett replied to Mary Maher's discussion 'Plans and Spec appraisal'

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

Joe The Appraiser replied to Mary Maher's discussion 'Plans and Spec appraisal'

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

Nigel Mountbatten replied to Mary Maher's discussion 'Plans and Spec appraisal'

It does sound odd. Was there no cost approach developed at all?

September 28

Mary Maher added a discussion

Plans and Spec appraisal

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