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#1800894 - 04/03/13 03:50 PM Engagement Letters
mdog76 Offline
Platinum Poster
Joined: Jan 2007
Posts: 645
When sending an engagement letter to an appraiser for ORE purposes, is it ok to remind them in the letter of what the value was last year and send economic data showing that values have increased or held steady? Or would this be considered steering the appraiser or influencing the appraiser?

Some appraisers in our area are just assuming that they have to lower the value due to the economy.

Thank you.

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Lending Compliance
#1800909 - 04/03/13 04:01 PM Re: Engagement Letters mdog76
rlcarey Offline
10K Club
Joined: Jul 2001
Posts: 79,633
Galveston, TX
An appraisal is suppose to be an independent assessment of the value of the property based on comparable sales or on an income or cost approach. It has nothing to do with the "economy" or the amount the property was valued in the previous year. If you are using appraisers that can't find their own comps - you need to get some new appraisers.
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