Fannie Appraiser Update

Newz: Fannie Appraiser Update, Kentucky Board Approves Increase in Licensing Fees

July 24, 2026

What’s in This Newsletter (In Order, Scroll Down)

  • LIA AD: Client Insists on Cost to Cure
  • Fannie Mae Appraiser Update, July 16, 2026
  • Glittering L.A Megamansion With ‘Dramatic’ 50-Foot Water Wall and Swim-Up Hits the Market for $88 Million
  • Kentucky Board Approves Significant Increase in Appraiser Licensing Fees
  • MY AD: Doug Smith’s tips on selecting UAD 3.6 software
  • Honoring Jan Bellas, Our Greatest Advocate
  • Where Does an FHA Appraisal End and a Home Inspection Begin? HUD Has an Opportunity to Clarify. By Shane White, SRA (REPRINT)
  • Upcoming National Appraisal Conferences in Las Vegas
  • MBA STATS: Mortgage applications increased 1.9 percent from one week earlier

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Fannie Mae Appraiser Update

July 16, 2026

Get practical guidance to help you prepare for the Uniform Appraisal Dataset (UAD) 3.6 and Forms Redesign transition and stay current on updates that affect your work.

In this second Appraiser Update of 2026—and our 35th edition since launching in 2017—we’re sharing timely insights, policy updates, and resources to help you navigate industry changes and support your success.

In this issue, you’ll find:

Expert insights on key UAD 3.6 topics, including terminology updates, policy changes, unit counts, and more.

What Appraisal Management Company access to Collateral Underwriter® (CU®) means and how to navigate it effectively.

List of Topics

  • Changes to UAD language in 3.6
  •  Unit Count Differences in the Sales Comparison Grid
  •  UAD 3.6 Reports: Lessons Learned
  •  AMC Access to Collateral Underwriter

Sample Topic detail

Vet Comments for Accuracy and Necessity

Some of the most common problems we have seen in UAD 3.6 appraisal reports relate to inaccurate or unnecessary comments. Here are some actual cases that illustrate the issue:

Contradictory information: In the SCA grid, an appraiser correctly utilized the Comparable Weight field to state that Comp 1 was given most weight and Comps 2-3 were given less weight, but then the appraiser added a comment that “The final opinion of value has been weighted equally among comparable sales 1-3.” The contradiction between the information in the enumerated data versus the narrative comment is confusing to the reader and undermines the appraiser’s credibility. A more helpful and appropriate comment would explain why comp 1 merited the most weight.*

Repetitive information: Another common issue we have seen in UAD 3.6 reports is the appraiser repeating the condition rating (already stated in a defined data element) in the associated comment field.*

Outdated language: In another report, an appraiser commented in the Sketch Commentary field that “The GLA for the subject was derived by…” Of course, the term “GLA” or Gross Living Area has been replaced in UAD 3.6 with the term “above grade finished area” (see accompanying article in this newsletter), so the reference to GLA was a non sequitur and confusing to the reader.

*These cases illustrate the general principle that appraisers should not restate information already contained in the defined data elements.

To read more, Click Here

My comments: Definitely worth reading for excellent “how to” advice on UAD 3.6.

Read more!!

Fannie Appraiser Update Q1 2026

Newz: Fannie Appraiser Update Q1, Suspended AMC, Bias

March 27, 2026

What’s in This Newsletter (In Order, Scroll Down)

  • LIA AD: Should I consider this an actual claim?
  • Fannie Appraiser Update Q1
  • 126-Year-Old Gentlemen’s Estate That Epitomizes Gilded Age Opulence Lists in the Berkshires for $8 Million
  • Suspended: The AMC That Turned “Review” Into a Value Demand
  • Retirement: To Stay, To Go, or Can’t Decide? That is the Question!
  • AQB Releases Job Analysis Report
  • A Baseless Bias Claim Turns Into a State Appraisal Crusade
  • MBA: Mortgage applications decreased 10.5 percent from one week earlier

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Fannie Appraiser Update Q1

Email Message 3/19/26

Welcome to the first Appraiser Update of 2026. This edition delivers timely information to help you stay competitive and ready for what’s next, including:

Preparing for the fast-approaching Uniform Appraisal Dataset (UAD) 3.6 and Forms Redesign mandate on Nov. 2, 2026;

Understanding Appraisal Quality Monitoring letters to appraisers related to time adjustments; and

Embracing expanded eligibility for manufactured housing and accessory dwelling units – available only for UAD 3.6 submissions.

Topics list

  • UAD 3.6 articles
  • Appraisal Software Selection
  • Treatment of Location and View
  • Market Conditions Analysis Letters
  • MH Policy Changes
  • ADU Policy Changes

To read the update, Click Here

My comment: Worth reading, of course. Always a very popular link!

Read more!!

Q4 2025 Fannie Mae Appraiser Update – AMC Risk, UAD 3.6

Newz: 12 Days of Appraiser Christmas,
Q4 2025 Fannie Mae Appraiser Update –AMC Risk, UAD 3.6

December 19, 2025

What’s in This Newsletter (In Order, Scroll Down)

  • LIA AD: A Family Feud and Intended Use
  • Q4 2025 Fannie Mae Appraiser Update – AMC risk, UAD 3.6
  • 12 Days of Appraiser Christmas
  • Santa’s House is Back on Zillow with a Bold New Holiday Look
  • Highest and Best—and the Highest Value By Richard Hagar
  • AQB Proposed Changes in New Appraiser Requirements
  • MBA: Mortgage applications decreased 3.8 percent from one week earlier
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Q4 2025 Fannie Mae Appraiser Update

As the year wraps up, we’re focused on what matters most to your success: clarity, consistency, and confidence in every appraisal. This edition gives you practical insights to stay ahead:

  • Several deep-dive articles on Uniform Appraisal Dataset (UAD) 3.6, focused on condition/quality ratings, the inspection component of Scope of Work, disaster mitigation, energy efficiency, and training and resources;
  • Why time adjustments matter—and how to apply them effectively; and
  • Our approach to managing Appraiser Management Company (AMC) risk for stronger compliance and reliability. Excerpts: In Jul. 2025, Fannie Mae began sending letters to AMCs detailing appraisal quality issues identified through Fannie Mae loan quality reviews completed in 2024. Each letter contains a comprehensive list of the issues identified for appraisals associated with that AMC.

To read more, Click Here

My comments: Worth reading. First time I have ever seen comments on AMCs. Good to see that GSEs are looking at AMCs.

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12 Days of Appraiser Christmas

NOTE on video: Click on image and it opens in Youtube.

Very funny!! 3.5 minute video

Sample appraisal requests:

On the fourth day of Christmas my best client sent to me falling

Shacks, three field reviews, two double wides, and a drive by single family.

On the tenth day of Christmas, my best client sent to me 10 tax appeals and eight Mega Mansions.

Singer in this video is comedian David Cassel as the Ukulele Bandito http://www.theukulelebandito.com / (he is not a Portland appraiser, but he is funny)

Many thanks to Gary F. Kristensen, SRA, ASA, AGA at A Quality Appraisals in Portland, Oregon.

My comment: I love this FUN video ;>

Read more!!

Fannie Mae’s Selling Guide Updates

Newz: Fannie Mae’s Selling Guide Updates, Appraisers and Certainty in Mortgage Lending

November 14, 2025

What’s in This Newsletter (In Order, Scroll Down)

  • LIA: Conflicting Assignments and Professional Ethics
  • Beyond Terminology: What Fannie Mae’s Selling Guide Updates Mean for Appraisers
  • Genius’ Midcentury Modern Home Designed by Jimi Hendrix’s Studio Architect Lists in Woodstock for $3.5 Million
  • App-solutely Clueless: When Sales Tries to School Appraisers
  • Trump Defends 50-Year Mortgage Plan as ‘Not a Big Deal’ After Furious Backlash
  • The Strategic Advantage of Certainty in Mortgage Lending What it means for appraisals
  • MBA: Mortgage applications increased 0.6 percent from one week earlier

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Changes to Fannie Selling Guide dated April 15, 2014

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Beyond Terminology: What Fannie Mae’s Selling Guide Updates Mean for Appraisers

by Scott DiBiasio, Director of Government Affairs, Appraisal Institute

Excerpts: Fannie Mae recently issued important updates to its Selling Guide that may look like technical revisions but have significant implications for appraisers, consumers, and the valuation profession. The most visible changes involve the retirement of the term “appraisal waiver” in favor of “value acceptance” and adjustments to the Reconsideration of Value (ROV) process. Together, these changes reflect the GSEs’ modernization priorities—but also highlight the ongoing tension between efficiency and transparency.

From “Appraisal Waiver” to “Value Acceptance”

Fannie Mae has decided to eliminate the term “appraisal waiver” from the Selling Guide, replacing it entirely with “value acceptance.” Even the parenthetical “(appraisal waiver)” has been removed. The stated goal is to unify industry language and create consistency across the valuation spectrum.

That may sound harmless, but let’s be clear: the average consumer is not going to recognize that “value acceptance” means their lender has waived an appraisal altogether. That lack of clarity undermines transparency at a critical stage of the lending process.

The Appraisal Institute (AI) will absolutely continue to call these products what they are: appraisal waivers. Language matters. Consumers and appraisers alike deserve accuracy, not euphemisms, when it comes to understanding whether an independent appraisal has been performed.

Why This Matters for Appraisers

Taken together, the Selling Guide updates and the expansion of waiver-based models point to several key takeaways:

1. Language shapes perception. If consumers don’t recognize that value acceptance is an appraisal waiver, transparency suffers. That’s why AI will continue to call these products by their true name.

2. Efficiency is not clarity. Simplifying disclosures may ease compliance for lenders, but it risks reducing borrower awareness of their rights.

3. Modernization is accelerating. With waivers, UPDs, and hybrid appraisals expanding, appraisers must adapt their skills to remain at the center of the valuation process.

4. Incursion is real. Regulators, property data collectors, and third-party vendors are positioning themselves between appraisers and their clients. The profession cannot afford to cede ground.

To read more, Click Here

My comments: I had never read about what is discussed in this article. I don’t always read the Fannie Selling Guide Updates. Now I know why it is important.

When I wrote my article on Appraisal Regulatory Chaos in the monthly Appraisal Today newsletter, Scott let me include excerpts from what he has written about it plus sent me new information. This article has a few “promotional” comments about AI and classes, but well worth reading.

Read more!!

Q3 2025 Fannie Mae Appraiser Update

Q3 2025 Fannie Mae Appraiser Update, When Sales are not Comps

September 26, 2025

What’s in This Newsletter (In Order, Scroll Down)

  • LIA AD: When a Property Owner Wants to Do the Appraiser’s Job
  • Q3 2025 Fannie Mae Appraiser Update
  • 14 Mile Island House: $10.8 Million Historical Estate on a Private Island in New York Is Listed for Sale for the First Time in 60 Years
  • It’s the Right Time By Jeff Bradford, Founder and CEO of Bradford Technologies
  • Sales Don’t Always Become Comps By Ryan Lundquist
  • Is Commercial Property Appraisal Right for You?
  • Mortgage applications increased 0.6 percent from one week earlier
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  • Humor for Appraisers

Click here to subscribe to our FREE weekly appraiser email newsletter and get the latest appraisal news

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Q3 2025 Fannie Mae Appraiser Update

Excerpts: In this edition, we share information and resources to help you navigate recently announced changes.

Perhaps the most significant appraisal policy change in recent memory is the launch of the new Uniform Appraisal Dataset (UAD) 3.6. In this edition we continue to unpack UAD 3.6 changes with the Update Report and the Completion Report.

To help with UAD 3.6 implementation, we have created a tool for appraisers to check their reports for UAD 3.6 compliance.

We also review recent Selling Guide changes related to reconsideration of value (ROV). Speaking of the Selling Guide, we provide some tips on how to make the most of this important resource for appraisers and we highlight changes to our ANSI fact sheet.

Topic LIst

  • Restricted Appraisal Update and Completion Reports
  • Comp driveby not required for UAD 3.6
  • UAD 3.6 compliance checker
  • Reconsideration of Value update
  • Stay up to date on Selling Guide changes

My comments: No more driving comps is a big change and is somewhat controversial for appraisers. Will lenders who don’t require UAD 3.6 drop the comp inspection requirement?

To read more, Click Here

Read more!!

Changes to FHA Appraisal Requirements

Newz: FHA Appraisal Changes, Fannie Measurement Standards Update

July 4, 2025

What’s in This Newsletter (In Order, Scroll Down)

  • LIA AD: Unreasonable Subpoena Request
  • HUD Announces Changes to FHA Appraisal Requirements
  • The Rock House In Larkspur CO Is Back On The Market for $1,000,000
  • Baghdad Bob of Freddie Mac Merits Mention As Mideast Erupts
  • The Full Measure – June 25, 2025 By Kevin Hecht, Appraiser and Economist
  • Fannie: Standardizing Property Measuring Guidelines
  • MBA: Mortgage applications increased 2.7 percent from one week earlier

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HUD Announces Changes to FHA Appraisal Requirements

Excerpts: There are four significant appraisal-related revisions to Section II. D. of the Handbook.

  1. Subject and comparable photograph requirements have been revised….
  2. The appraiser is no longer required to state the remaining economic life of the dwelling in the appraisal report.
  3. In situations in which the subject is located in an increasing or decreasing market, the appraiser is no longer required to include an absorption analysis, a minimum of two sales that closed within 90 days of the effective date, and two active listings or pending sales.
  4. For Section 223(e) mortgages, the appraiser is no longer required to include an estimate of remaining physical life for the subject property improvements.

It is important to note that the originating lender is the client, not HUD/FHA, and as such, the lender may still require some or all the above items.

To read more, Click Here

To read the full document, Mortgagee Letter 2025-18, Click Here

My comments: Read the full article above and the original Morgagee Letter (Link above) for more details if you do FHA appraisals.

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The Rock House In Larkspur CO Is Back On The Market for $1,000,000

Excerpts: 2 bedrooms, 2 baths, 2,432 sq.ft., 0.86 acre lot. Built in 2000.

The Larkspur Rock House is an iconic Flinstones style home, and now it can be yours for only $1,000,000. The rocks are maybe 200 million years old!!!Outdoor living spaces.

The Rock House is anything but ordinary—this striking, stucco-clad home is seamlessly built into a soaring red rock monolith, transforming nature’s artistry into a one-of-a-kind architectural statement.

The dramatic rock wall isn’t a backdrop—it’s the centerpiece, rising through all three levels and anchoring each floor in natural grandeur. Every space is visually and physically connected to the monolith at its core.

To read more, Click Here

To read the listing, Click Here

https://www.zillow.com/homedetails/6619-Apache-Pl-Larkspur-CO-80118/13497121_zpid/

Read more!!

What’s a comparable property for appraisals?

Newz: Q2 Fannie Appraiser Update, Appraiser Wins Discrimination Lawsuit

June, 13, 2025

What’s in This Newsletter (In Order, Scroll Down)

  • LIA ad: Am I Still on the ‘Do Not Use’ List?
  • What’s a comparable property? Or a “comp,” as we say more informally? By Bryan Reynolds
  • Rotterdam’s Yellow Cube Homes
  • Q2 2025 Fannie Mae Appraiser Update – UAD 3.6
  • A Back to the Future Housing Market By Ryan Lundquist
  • Case Dismissed: Ohio Appraiser Wins Discrimination Lawsuit by Isaac Peck
  • Mortgage applications increased 12.5 percent from one week earlier

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Real Estate Agents and Comparable Sales – Tips for Appraisers

Click here to subscribe to our FREE weekly appraiser email newsletter and get the latest appraisal news

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What’s a comparable property? Or a “comp,” as we say more informally?

By Bryan Reynolds

Excerpts: Let me give you an example of an appraisal report I saw recently, which is why I’m asking this question: There are 65 comparable properties currently offered for sale in the subject’s neighborhood, ranging from a price of $330,000 to $5,400,000. The report also states that there are 44 comparable sales in the subject’s neighborhood within the past 12 months, ranging from $152,000 to $2.2 million. That’s a big range. Are you comfortable putting that in your report?

What does the term “comparables” even mean? Let’s go to the authoritative sources. Here’s one: The Dictionary of Real Estate Appraisal, published by the Appraisal Institute. It defines comparables as “a shortened term for similar property sales, rentals, or operating expenses used in the comparison in the valuation process and best usage. The thing being compared should be specified.” In other words, are you looking at comparable sales, comparable rentals, or comparable listings?

Lastly, I’m going to pull up the Encyclopedia of Real Estate Appraising. It’s a great big book, and it has a whole section on this. I highlighted one part of it because I like it: “What is a comparable property? It is one that would be a reasonable alternative for most prospective buyers who would be interested in the subject property.”

What is a comparable property? It is one that would be a reasonable alternative for most prospective buyers who would be interested in the subject property.” —Encyclopedia of Real Estate Appraising

That’s very simple, and it invokes some good, common sense

To read more, Click Here

My comments: Lots of opinions on this topic!

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29008552 – innovative yellow cubic houses built in rotterdam

Rotterdam’s Yellow Cube Homes

Excerpts: Both a popular tourist attraction and a strange architectural experiment, the cluster of 39 homes stands out amongst the city’s mostly modern architecture. However, that is what makes these “cube-perched-on-a-point” homes all the more interesting.

he elevated cubes are essentially houses supported on hexagonal piers; this design frees up the ground space for public use. Each cube measures 72 feet in height with each side measuring 25.5 feet. While the pillars and floor are made from reinforced concrete, structural wooden skeletons from the base for constructing the cubes were mounted on the floors’ edges. Interestingly, cement panels with rockwool insulation in the middle resulted in cutting down on almost all exterior sounds.

Inside, the complicated form meant that the interior walls were angled at 54.7 degrees with the floor. The consequences of this construction detail is that 25% of the almost 1,100-square-feet of living space is unusable because of the angular walls. The interior is divided into three floors that are connected by a narrow wooden staircase. The ground level houses in the living room and an open kitchen with plenty of windows. The second floor has two bedrooms, a bathroom, and a small living area. Finally, the third floor is a three-sided pyramid that can be used as a bedroom or an office.

To read more and see interior photos and floor plans, Click Here

My comments: Fascinating, with very good photos.

Read more!!

Comparable Sales for Appraisals

Newz: Curiosity and Appraisers, GSEs future, Sideline AMCs

May 23, 2025

What’s in This Newsletter (In Order, Scroll Down)

  • LIA AD: Your Role as a Judge’s Appraiser
  • On Comparable Sales By Timothy Andersen, MAI
  • Futurist Architect’s Funky Spaceship-Inspired ‘Starcastle’ Hits the Market in Connecticut for $1.5 Million
  • Why Curiosity Matters in Appraisals
  • Mortgage Bankers Association head addresses ‘elephant in the room’
  • Bye Bye AMC: A Script to Sideline Appraisal Middlemen
  • Mortgage applications decreased 5.1 percent from one week earlier

Real Estate Agents and Comparable Sales – Tips for Appraisers

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On Comparable Sales

By Timothy Andersen, MAI

Excerpts: This short article raises issues related to what constitutes or defines a comparable sale. While it may seem arrogant to take on a topic of this import, it is necessary, since there is not currently a formal definition. There are descriptions of what a comparable sale is. But there is no formal, universally recognized definition¹. However, does there need to be? Do we have enough technical information to understand the concept of a comparable sale? This article suggests the descriptions are sufficient.

It is common for the GSEs to criticize appraisers’ poor choice of comps. Under some conditions, the GSEs’ have the justification to level these critiques. Yet, given the wealth of descriptions there are in the available literature about what constitutes a comparable sale, why do appraisers ignore those descriptions to their own peril?

To read more, Click Here

My comments: Good analysis by Tim, The USPAP Expert. GSEs vs. USPAP goes on and on. I hate it when GSEs tell me how to do my appraisals. I am so glad I quit working for them in 2005. Non-lender appraisals rarely have special requirements and reviews.

Read more!!

What are the best AMCs for Appraisers?

Newz: AMCs,  Appraisal Institute Is Accused of Cover-ups, Appraisal’s Perfect Storm

May 9, 2025

What’s in This Newsletter (In Order, Scroll Down)

  • LIA AD: Can’t Complete Appraisal with Access Denied
  • Choosing the Right Appraisal Management Companies (AMCs): A Guide for Appraisers
  • Staggering $900K Glass Lake House in Oklahoma Surfs to the Top of the Most Popular Homes List
  • Wildly Inappropriate Behavior’: Appraisal Institute Is Accused of Cover-ups
  • 5-minute YouTube video, posted yesterday by Cindy Chance, former AI CEO regarding her lawsuit that was filed May 8
  • Appraisal Institute’s Harassment, Tests, and Dance with AMCs
  • #MeToo And Testing Fraud Applies To Appraisal Industry’s Largest Trade Group
  • Pulte defends his authority as board chairman of Fannie, Freddie
  • Upheaval at mortgage regulators leaves questions for lenders
  • The Appraisal Profession’s Perfect Storm: A Veteran’s Take on a Dying Craft
  • Mortgage applications increased 11.0 percent from one week earlier
  • Appraisal Business Tips 
  • Humor for Appraisers

Click here to subscribe to our FREE weekly appraiser email newsletter and get the latest appraisal news

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Choosing the Right Appraisal Management Companies (AMCs): A Guide for Appraisers

Excerpts: Today a large percentage of residential real estate valuations are coordinated by appraisal management companies. For appraisers, working with AMCs is almost a necessity.

Let’s look at how appraisal management companies work, the pros and cons, and—perhaps most importantly — how to choose the right AMCs to partner with.

Additionally, we’re sharing insights from appraisers who answered our survey question, “What’s your best tip for working with AMCs?”

How to choose the right AMCs

To prevent challenges and ensure smooth operations, it’s crucial to select the right AMCs. We recommend taking the time upfront to find a few good AMCs that value your appraisal expertise, then building relationships with that smaller group.

Use the following steps to choose the best AMC partners for your appraisal business.

Step 1: Find AMC candidates

Step 2: Investigate each appraisal management company

Step 3: Narrow your list to select the best AMC partners

Tips from Appraisers

  • Prioritize communication
  • Ensure timely delivery
  • Be friendly and polite
  • Get to know the AMCs and their practices
  • Don’t sell yourself short

To read more, Click Here

My comments: Good article on AMCs. Worth reading. Includes appraiser comments. I wrote about how to evaluate AMCS in the monthly Appraisal Today. The most recent article, including a Client Rating Grid, is in the January 2025 article: “What are your best current and former AMC/lender clients?”

Read more!!

Highest and Best Use and Appraisals

Newz: HUD Layoffs – Including FHA, GSE Selling Guide Updates

February 21, 2025

What’s in This Newsletter (In Order, Scroll Down)

  • LIA Ad: Should I Complete this Assignment?

  • Highest and Best Use: A Superpower You Already Possess By Byron Miller, SRA

  • High Octane’ Desert Ranch That Boasts Airplane Hangars, Racetracks, and Custom Dune Buggies Hits the Market in California for $15 Million

  • Fannie Mae and Freddie Mac’s New Selling Guide Updates: What Appraisers Need to Know. What Data Sources Appraisers Are Using.

  • Massive FHA cuts would create dysfunction for mortgage industry, homeowners: ex-official

  • Builder Confidence Falls to the Lowest Levels Since May 2024

  • Mortgage applications decreased 6.6 percent from one week earlier

Zoning in the Appraisal Process

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Highest and Best Use: A Superpower You Already Possess

By Byron Miller, SRA

Excerpts: Like the Incredible Hulk, my superpower didn’t show itself until stressed. That stress came in January 2020, when Minneapolis became the first major U.S. city to eliminate single-family residential (SFR) zoning, allowing one-to-three units to be built on what were previously (SFR) parcels. Suddenly, there was a lot of confusion in the appraisal community about when and how to perform the highest & best use (H&BU) analysis for the new zoning classification.

As chapter president of the North Star Chapter of the Appraisal Institute, I fielded a flood of questions from residential appraisers to state regulators. One thing I quickly realized was that many of the residential appraisers I spoke with didn’t know the four tests of H&BU analysis.

Let’s revisit the basics: In an H&BU analysis, real estate appraisers determine the most probable use of a property by applying four tests: whether the use is legally permissible, physically possible, financially feasible, and maximally productive. Order doesn’t matter for the first two tests, but it’s essential for the last two. Moreover, appraisers must conduct each of the four tests on the real property as if vacant, and as improved.

Applying each of these tests properly is essential to the valuation process. In many litigation situations where appraiser’s values are far apart, it’s due to H&BU analysis differences.

To read more, Click Here

My comments: Worth reading. The author is a residential appraiser. H&BU is one of my favorite topics! I have done many commercial properties for lenders and non-lenders where H&BU was not the current use. I appraised them at their H&BU.

If you only do residential properties H&BU issues is much less an issue, so you don’t do the H&BU analysis very often. Unfortunately, many of the res appraisers who call me did not think about the relevant H&BU. This article is an excellent reminder. You can get into Big Trouble with H&BU if you don’t know when it is important.

The article has a section titled: Practical H&BU Analysis of the 4 factors with an excellent case study. Interesting appraiser comment worth reading.

Read more!!