Appraisal Seminar for MI Realtors Demystifies Appraisal Process

I was excited about the success of my first, quarterly SW Michigan Realtor seminar with guest speaker, MI and IN appraiser, Dennis Black.   Dennis and I spoke about the ways in which lender's appraisal requirements have changed since 2010 and how to minimize the effects of the new appraisal rules on purchase transactions.  The top five topics included:

1. Walk-Out Basements, for example, how a walk-out basement is valued in an appraisal  including square footage and bedroom/bathroom count. 

2.  Geographical distance of comps including max distance and justifying comps outside maximum distance parameters.

3.  Timing of comps including max allowable time and how exceptions are handled.

4.  Distressed sales comps and if these are used in normal sale appraisals.

5.  Single family properties with acreage exceeding 10 acres and how this is handled in appraisals and accepted by conforming lenders.

I will be offering seminars on a wide variety of real estate topics on a quarterly basis.  If you would like to participate in  these seminars to gain insights in support of your business, please email me at dianep@anmtg.com.