Two of the common appraiser violations – Use of inappropriate sales and Use of unsupported site value
Excerpt: When it comes to common appraisal violations, certain minor violations are very common. In this article, I outline several examples of less serious breaches of development STANDARD 1 and reporting STANDARD 2—and a few other types of violations, too. I have compiled these based on many years of personal experience in appraisal regulation, as well as feedback I have received from other states’ enforcement agencies. Once you’re aware of these common mishaps, you should be able to avoid them more easily.
1. Use of inappropriate sales
One of the big problems is the use of inappropriate sales in a sales comparison approach….
2. Use of unsupported site value
Another common violation is the use of unsupported site value in the cost approach. That’s something that a lot of boards have cited as a prevalent deficiency or shortcoming in appraisal reports.
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My comment: useful information. Nothing new, but good reminders. Don’t get the “violation letter” from your state board!!adjustments, appraisal how to, Coronavirus, george dell, lender appraisals, Mortgage applications, real estate market, Strange homes