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Appraisal Standards Board issues new Q&As for January 2018

The Appraisal Standards Board has issued three new USPAP Q&A for January 2018. Looking at these questions in the context of recent new articles about 'drive-by appraisals' it is clear that the Board is addressing questions on this subject. Question…

Video - Appraisal Home Inspection

https://www.youtube.com/watch?v=RGQuIxWYLWw
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How does an appraiser reach an “opinion of market value?”

An opinion of market value is an estimate of how much a property is worth in any given market. An opinion of value is reached by using one of three standard approaches: The Cost Approach estimates what it would cost to replace or reproduce…
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Can “market value” be different than the contract price or cost of a property?

The short answer is, "Yes!", it is possible for market value to differ from the actual cost of a property or from the contract price. If a buyer is super motivated to purchase a property and is willing to pay at, or above asking price this will…
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What if the value of my appraisal isn’t what I expected?

In a rapidly changing market, buyers and sellers are often surprised when the appraised value is higher or lower than expected. A higher value will not have an impact on the loan approval process, but a lower value can. The lower appraised value…
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What increases the value of my home?

If you watch a lot of HGTV you'll find all sorts of information on what makes a home more valuable. In reality it can come down to some basic and simple advice. An appraisal is not simply an addition and subtraction of the costs put into…
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How come big homes don't appreciate as quickly as small homes?

Over the past 10 years, the market has found it's way back from the lows of 2008/2009. Housing prices in our area (St. George, UT) have climbed to highs and the region has essentially run out of entry level housing and is short on all housing…
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What can I expect during the appraisal process?

Before the Inspection No need to clean. The appraiser looks at the structure, not the mess. You can choose to be there, or not. Just make sure you leave things unlocked. Leave it open. All rooms must be accessible to the appraiser. …
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Why is an appraisal required for a loan?

Lenders use the appraisal to determine the appropriate loan amount. Because home values can vary considerably, even in the same neighborhood, it’s important for the lender to have an objective opinion of value for the home before making a…