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#2271751 - 06/16/22 03:05 PM OREO Property Appraisal
Nicole Offline
100 Club
Joined: Nov 2018
Posts: 156
Hello, we have an OREO property were are getting ready to sell. We are financing the sale for the buyer and we have an appraisal that just hit a year old in May. Do we have to get another appraisal or can we use the one we already have. Thank you!

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Interagency (Reg Z) and CFPB Reg B Appraisal Rules
#2271752 - 06/16/22 03:18 PM Re: OREO Property Appraisal Nicole
rlcarey Online
10K Club
rlcarey
Joined: Jul 2001
Posts: 83,227
Galveston, TX
Are you a National Bank?

§ 34.85 Appraisal requirements.

(c) Sales of OREO. A national bank or Federal savings association need not obtain a new appraisal or evaluation when selling OREO if the sale is consummated based on a valid appraisal or an appropriate evaluation.
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The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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#2271753 - 06/16/22 03:27 PM Re: OREO Property Appraisal Nicole
Nicole Offline
100 Club
Joined: Nov 2018
Posts: 156
We are a community bank regulated by FDIC

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#2271755 - 06/16/22 03:34 PM Re: OREO Property Appraisal Nicole
rlcarey Online
10K Club
rlcarey
Joined: Jul 2001
Posts: 83,227
Galveston, TX
Which means you are a State bank and would have to refer to State law or regulation. Many States require at least an annual valuation of OREO property.
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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