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Well – not really the end, but one of the last parts of some appraisals – namely the finalinspection. We’ll briefly look at what a finalinspection […]. The post The Loan Officer’s Guide to Appraisals, Part 1: The FinalInspection appeared first on Riverfront Appraisals.
Fannie Mae recently announced in their recent Selling Guide (SEL-2023-02) update that “as part of the valuation modernization” they are transitioning to a “range of options to establish a property’s marketvalue”. How could this go wrong?
.” “The definition of marketvalue.” ” “How value is derived.” ” “Why the price per square foot is not an indicator of value.” ” “That cost does not equal value on homes, and picking comparable sales just to hit contract prices is unethical.
Welcome to the September edition of our blog series, The Loan Officer’s Guide to Appraisals. This entire year, I’ve been blogging once a month with the purpose of assisting loan officers to better understand the appraisal process. This month’s blog post will be all about new construction appraisals.
Loan-to-value ratio (LTV) : The amount of the loan divided by the price of the house. Marketvalue coverage : Homeowners insurance that covers the amount the home would go for on the market, not the cost to repair, should damage occur. Walkthrough : A buyer's finalinspection of a home before closing.
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