Our lender has a pending loan on farmland for over $1 million. A new appraisal has been completed on the ground to be purchased. Another piece of farmland currently securing other loans will also be also securing the loan. (This is not as an abundance of caution.) An appraisal was done on that property in 2016 and there have been no material changes. Can we re-use that 2016 appraisal for this purchase loan?
Can a Bank use a "Board-approved" Estimate (number only) to satisfy the evaluation requirements if an appraisal is allowed to be waived due to the transaction amount being less than $500,000?
Is an appraisal required prior to foreclosure of commercial property and would an evaluation suffice?
We are having trouble locating comparable sales for comparison to our subject properties. Do you have any resources you could suggest?
With the new $400,000 threshold increase for 1-4 family evaluations, we have decided to pursue writing them internally to remain competitive in our market. Can we do evaluations on proposed dwellings for our builder clients?
My examiner has told me to stop writing real estate evaluations because I was making adjustments to the sales used but I’m not an appraiser. Do you have any solutions for me to use so I can continue writing the reports?
How important is a reconciliation of the approach(es) that was (were) used?
I’ve been told that the $500,000 threshold could include residential properties, but I thought this threshold was for commercial property only. Is this correct and will you include any examples of how this would exist?
We do validations at our bank but have been told that we should not change the value when doing a validation. Will you be discussing how to validate prior appraisal or evaluations?
Is the Notice of Right to Receive Appraisal Copies required on 2nd liens?