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#1990656 - 01/23/15 04:44 PM Commercial Appraisal
3-2-Go Offline
Gold Star
3-2-Go
Joined: Nov 2008
Posts: 403
East
We currently have a loan on a 18 hole golf course. The Appraisal is 15 months old. Other than internal policies and changes to the value of the property / other near properties. Could we use the same appraisal?

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#1990753 - 01/23/15 07:35 PM Re: Commercial Appraisal 3-2-Go
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 79,951
Galveston, TX
Conditions for the re-use of an existing appraisal has had to have been a part of your bank's board approved appraisal policies for quite a few years now.

How do you expect us to answer this question?
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The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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#1990779 - 01/23/15 08:16 PM Re: Commercial Appraisal rlcarey
3-2-Go Offline
Gold Star
3-2-Go
Joined: Nov 2008
Posts: 403
East
Sorry to have bothered you.

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#1990782 - 01/23/15 08:20 PM Re: Commercial Appraisal 3-2-Go
rlcarey Offline
10K Club
rlcarey
Joined: Jul 2001
Posts: 79,951
Galveston, TX
You didn't bother anyone. But without reading your policy, how can we answer whether or not you can use the same appraisal? Every bank has different policies on this sort of thing. There are no stand pat answers found in the regulations or guidelines. What they say is that each bank has to develop their own rules within certain parameters.
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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#1991082 - 01/26/15 08:22 PM Re: Commercial Appraisal rlcarey
Bankster Offline
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Joined: Apr 2004
Posts: 1,181
Yinzerville, PA
Regulators don't set a useful life on appraisals. It's up to you to determine that the value is still valid, ie. the market hasn't changed dramatically, the property hasn't deteriorated, etc... Have your appraisal review person review the appraisal to 'validate' that the appraised value remains valid.

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