All Posts By

Ashley

The Cost approach. What is it?

By | Appraisal Compliance, Borrowers | No Comments

The Cost approach. What is it? Another method an appraiser may use to develop an opinion of value is the cost approach. In a nutshell, it’s a breakdown of what the cost would be to rebuild the property today if it were destroyed – but it’s not that cut and dry. The term reproduction cost is used if an exact replica of the original property is produced. If a property…

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“I’ve decided to go with a new lender; can you change the name of the lender on my appraisal to reflect this?”

By | Appraisal Compliance, Borrowers | No Comments

One of the most common questions we hear from borrowers and even lenders is – the borrower switched lenders and we need the appraiser to change the lender name. Can the appraiser just switch it without having to do a new assignment? The answer is no. If the appraiser changes the name of the lender/client, the appraiser is no longer following the Scope of Work Rule as required by the…

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Faulty Appraisal? Here’s what you can do if you find errors or have concerns.

By | Appraisals, Real Estate | No Comments

You just had an appraisal done, but it seems to be flawed – what’s next? Well, for starters, you should contact your lender describing the error found and any factual support you have – a lender can’t do anything for you based on your own personal objection, so be sure to stick to the facts. Ask what the procedure is to address these concerns and how you can fix them….

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