AMCs: Survey, How Tech Sabotages Appraisers

By on November 6, 2026   /   AMCs, appraisal business, Economic analysis, Fannie, UAD 3.6   /   Leave a comment
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Newz: Appraiser AMC Survey, AMCs: How Tech Quietly Sabotages Appraisers

November 6, 2026

ARTICLE LIST – In order, Scroll down to read

  • LIA AD: Read The Fine Print
  • Independent Appraiser Voices plus Survey: More in Common Than We Think
  • Inside a Marvel Showrunner’s $2.4 Million Topanga California Compound Featuring a 1970s Geodesic Dome and Private Oak Grove
  • Helping Appraisers Get Paid for What They’ve BuiltBy Isaac Peck, Publisher, WorkingRE
  • My Ad: Major Changes in Fannie Mae’s HBU Property Eligibility Requirements (Effective With UAD 3.6), By Denis Desaix, MAI, SRA
  • Countdown in Chicago: UAD 3.6, AI, and Rates Going Up? MBA 2026 Recap, By Jim Morrison
  • The Full Measure: October 2026 Housing Market Update, By Kevin Hecht, Appraiser and Economist
  • The Ghost in the Machine: How Tech Quietly Sabotages Appraisers, By Desiree Mehbod
  • Appraisers face stagnant pay and rising costs as AMCs defend their fees and new technology reshapes the industry
  • Mortgage Applications Decrease 1.2 Percent in Latest MBA Weekly Survey

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Independent Appraiser Voices: More in Common Than We Think and and AMC Appraiser Survey

Independent Appraiser Voices is breaking the silence on unfair AMC fees and UAD 3.6 struggles to prove that while we may work independently, we don’t have to face these industry battles alone.

Excerpts: Independent Appraiser Voices is breaking the silence on unfair AMC fees and UAD 3.6 struggles to prove that while we may work independently, we don’t have to face these industry battles alone.

If you’ve been an independent appraiser for any length of time, you’ve probably asked yourself, more than once, “How much more am I expected to take on without being compensated for it?”

Between rising business expenses, increasingly complex assignments, unrealistic deadlines, and AMC fees that often seem disconnected from the work involved, there’s plenty to be frustrated about.

And now we have UAD 3.6. We can probably all agree that the UAD 2.6 forms were due for an update, but is this really the improvement we needed?

We know these frustrations because we’re dealing with them, too. And they’re exactly what inspired Independent Appraiser Voices (IAV). BookAppraisals

IAV is a brand-new, independent grassroots initiative created by working appraisers who believe it’s time to do more than vent about these problems individually. We’re boots-on-the-ground appraisers, just like you, trying to make a living while navigating the same challenges.

There are already people around the country advocating for change in our profession, and we share those goals. We want to bring independent appraisers together, identify the concerns we have in common, and turn our shared experiences into a stronger, more unified voice.

Our first step is the 2026 Independent Appraiser Survey: UAD 3.6, AMC Fees & Industry Concerns.

The survey is anonymous and covers compensation, UAD 3.6, AMC practices, unpaid time, and other industry concerns. There’s no membership, no fee, and nothing being sold. We simply want to hear directly from appraisers across the country.

The survey is anonymous and covers compensation, UAD 3.6, AMC practices, unpaid time, and other industry concerns. There’s no membership, no fee, and nothing being sold. We simply want to hear directly from appraisers across the country.

Our intention is to use the findings to document common concerns, support advocacy for meaningful change, and encourage greater cooperation among independent appraisers. We’ll share the results with the appraisal community and be transparent about what the data does and doesn’t tell us.

To read more, Click Here

To take the survey, Click the link in the article.

My comments: The survey seems like a good idea. I always like to read the survey results. I have never worked for an AMC so did not take the survey.

Inside a Marvel Showrunner’s $2.4 Million Topanga California Compound Featuring a 1970s Geodesic Dome and Private Oak Grove

Excerpts: 4 bedrooms, 4 baths, 1,547 sq.ft., 0.76 acre lot, Built in 1935

Built in 1935, the “thoughtfully cared for” 1,547-square-foot sanctuary boasts stone pathways, footbridges, and a seasonal creek. It is located in the Post Office Tract near Topanga State Park.

“What makes this property so special is its setting within a private oak grove,” says listing agent Nina Kurtz of Compass. “It genuinely feels like having your own private park.”

That private-park feel extends across the compound, which includes a two-bedroom primary residence and additional living space.

According to public records, the four-bedroom property is currently owned by Hollywood writer and producer Andrew Guest, co-creator, showrunner, and executive producer of Marvel’s “Wonder Man.” Guest purchased the property for $2.75 million in 2022.

Expansive windows were designed to frame the lushly landscaped lot and bring the outdoors into the living spaces.

To see the listing with an aerial view and 54 photos, Click Here

My comment: I would love to live in a private Oak Grove fully landscaped with a seasonal creek, house, and a Geodesic Dome. Before the Gold Rush from 1848 to 1855 my city was full of oak trees. Over time, most were torn down and Alameda became a suburb of San Francisco, 10 miles away with access via ferry boats.

I often think of the original native inhabitants, the Ohlone, who traveled to Alameda for oak tree acorns and access to San Francisco Bay with fish and shellfish.

Our pickleball courts are in a park and used to have a large oak tree that offered shade when it was hot. A large branch broke off and fell on part of our courts. We miss the large oak branch with the shade it provided. Large umbrellas are not the sameI

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Helping Appraisers Get Paid for What They’ve Built

by Isaac Peck, Publisher, WorkingRE

Excerpts: Most appraisal shops are one-person operations. The specter of the lone appraiser running their business in a spare bedroom and not socializing much with their peers has persisted for decades — and there’s certainly some truth to it.

However, one of the downsides to a solo-operator business model, especially with service businesses like appraisal, is that when it comes time to retire, these types of businesses are rarely saleable. With no (or few) assets, no staff and little goodwill outside of the name of the principal, most solo appraisers build their businesses for decades and then simply flip the light switch and shut the door on their business.

Bryan Reynolds wants to change all that.

A certified general appraiser, partner at Appraiser eLearning, host of The Appraisal Update Podcast, owner of Reynolds and Associates, and a partner at his two newest ventures — Legacy Appraisal and Consulting and Legacy Advisors and Consulting — Reynolds is a serial entrepreneur.

His latest ventures are particularly interesting and arguably well-timed, given everything the profession is facing.

Entering and Exiting the Profession

Reynolds sees real opportunity in simultaneously helping folks enter the profession, as well as working with appraisers who are about to step back and retire.

“Our vision is to help appraisers enter the profession and exit the profession,” Reynolds says. “What do most appraisers do when they’re ready to retire is they turn their light off and close the door. Their book of business, which in many cases represents 30 to 40 years of careful nurturing, just evaporates. They don’t get paid for it or rewarded in any way. We would like to help keep their legacies alive.”

Instead of just shutting the door, Reynolds explains that Legacy Advisors and Consulting is working with appraisers to set up an exit strategy that allows them to receive compensation for the first three to five years of retirement.

“We will ask them to stay with the company for a prescribed period of time,” Reynolds says. “Then we will put someone in their market, as well as our administrative and support team based out of western Kentucky. Basically, we want to see another appraiser step in and become them in that local market.”

Reynolds’ strategy requires the exiting appraiser to remain with the company for 12 to 18 months. If they want to retire, however, Reynolds requests they call a year in advance. Several interested appraisers have already reached out.

“I just talked to an appraiser who asked me, ‘What about the VA? I’m a VA appraiser. VA selects me to do the appraisal. How can I transition this business?’” Reynolds says. “Our position is that for every problem there is a solution.

Helping Train New Appraisers, Too

Reynolds also wants to help new entrants to the profession find their feet and get started. Legacy Advisors and Consulting is also licensing Melissa Bond’s MPact Practicum coursework, a successful appraiser curriculum.

Appraisers thinking about an exit strategy, and anyone looking at the training pathway, can find more at LegacyAppraisalandConsulting.com and LACappraiserpathway.com, or email info@LACappraiserpathway.com. Reynolds can be reached directly at Bryan@theLegacyAG.com.

To read more, Click Here

My comments: When I have written about selling your appraisal business (or spoken with appraisers), I have always said the best people are those working for you. Selling a one person appraisal business seldom happens. Sometimes if you’re in a vacation location an appraiser may be interested in locating. Or, a competitor may want to purchase it.

I have spoken with buyers and sellers of appraisal businesses. It is not easy for the buyer or the seller, even if you have employees and are well established. Staying over for a transition period is very common.

Selling a Commercial may be easier than residential. Over the years I have seen many larger commercial appraisal companies that expand by buying (or merging with) other local commercial appraisal companies.

Since I have been writing about this, over time several national appraisal firms merged with other commercial appraisal firms.

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Major Changes in Fannie Mae’s HBU Property Eligibility

Requirements (Effective With UAD 3.6),

By Denis Desaix, MAI ,SRA

In the November 2026 issue of Appraisal Today

Excerpts: In September of 2026, Fannie Mae (FNMA) announced major changes in their property eligibility standards regarding highest and best use (HBU) conclusions reported in the appraisal.

I was asked by Fannie to be a Policy Advisor on this matter and had a preview of the changes that have since been announced. I say this so I can affirm, with credibility, that a lot of thought has gone into the changes and

how they affect not only the appraisal process but the entire 1- to 4-unit residential lending production process.

In this article, I will discuss the new HBU policy and review the examples that Fannie uses to illustrate how the new policy can affect property eligibility which, in turn, can affect how we analyze and report our value opinions in our appraisal reports.

Please note that these changes apply to UAD 3.6 Appraisal Assignments only!!

The impact on lending is easy to describe: Certain properties that were previously ineligible for Fannie purchase are now eligible.

The impact on appraisers is also easy to describe:

To conclude a credible HBU opinion for some properties, a deeper level of analysis will be necessary.

This is not a bad thing for appraisers as the more complex the property, the less likely an alternative valuation tool can be used

To read more about this new UAD 3.6 change, plus 2+ years of previous issues, subscribe to the paid Appraisal Today.

If this article helped you understand this Fannie change, it is worth the subscription price!

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Countdown in Chicago: UAD 3.6, AI, and Rates Going Up? MBA 2026 Recap – October 11-14, 2026

By Jim Morrison

Excerpts: he Mortgage Bankers Association Annual is always one of the best places to find out what is coming for the industry.

This year in Chicago, one topic was on almost every agenda: UAD 3.6. With the mandate only weeks away, lenders, GSEs, AMCs, and technology providers spent the week comparing notes on what is working, what isn’t, and what happens next. Add a market that still hasn’t turned the corner, a lot of conversation about AI, and a former President on the main stage, and it made for a busy few days.

Here are the sessions that matter most for lenders and appraisers. On UAD 3.6, Williamson confirmed November 2nd is still the date, but lenders that need more time can request an exception. About 25,000 UAD 3.6 appraisals have been submitted so far, roughly 10% of October volume.

Readiness Check: A Countdown to UAD 3.6

Low volume has been the biggest readiness gap. Some appraisers have been running test files on their own homes because the orders haven’t come in yet. Downing said appraisers typically see efficiency gains after three to five reports and are back on par with UAD 2.6 after about ten.

Review teams are learning too. Scarpa said his reviewers had never seen a 3.6 report and are training on the software alongside appraisers….

AI came up in almost every room. The largest lenders are leading the investment, and some are building custom models to help with review. Scarpa shared a story from another lender where a loan was nearly closed before they discovered the house was condemned and the photos had been generated by AI. Lenders now need to verify that images haven’t been altered, and appraisers need to protect the integrity of their own work.

To read more, Click Here

My comments: In the past, I went to several of the MBA National conferences as a reporter. I hung out in the reporters room with free lunch and snacks and had dinner with other reporters. It was definitely worthwhile attending as an appraiser to see what the speakers say.

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The Full Measure: October 2026 Housing Market Update

By Kevin Hecht, Appraiser and Economist

The rate is the headline. The spread is the story.

October brought a sharper version of the challenge that has defined the housing market all year: buyers are still interested, but payments are setting a hard limit on what many can buy.

Sales haven’t stopped, and prices haven’t moved in one national direction. Yet higher financing costs are giving buyers more leverage, increasing the importance of concessions, and making sellers and builders work harder to meet the market.

Topics include:

• The Mortgage Rate Is More Than a Treasury Yield

• The Fed Held, but Mortgage Rates Follow a Different Market

• The Economy Is Providing Support, But Not a Free Pass

• Existing Homes: More Choice, More Negotiation

• New Construction Has Its Own Price Signal

• Policy May Help at the Margin, But It Does Not Reset Today’s Market

For appraisers, the headline is not simply that the 30-year mortgage rate remains above 7%. The more useful question is why a mortgage rate can remain elevated even when the 10-year Treasury yield is lower.

The Appraiser’s Assignment

The market rewards an approach that is both current and specific.

• Review the financing terms and concessions, not just the sale price.

• Track whether competing listings are accumulating, expiring, or selling after reductions.

• Separate a price cut from a rate buydown.

• Identify whether new construction is competing directly with the subject or simply sharing the same broad geography.

• The appraiser’s job is not to force a national rate story onto a neighborhood. It is to determine how that neighborhood is responding to the financing environment using the best available evidence as of the effective date.

The national message is clear: the economy still offers support, but mortgage pricing is tightening the market’s filter. The local conclusion will depend on which properties still pass through it.

My comments: READ THIS ARTICLE! This is the only real estate market comments I read every month because it is written by an appraiser/economist for appraisers. You have probably had people (and clients) ask you about the topics above because you are an appraiser.

I took a economics class as preparation for my MBA classes. I had been appraising for 5 years. I was a much better appraiser after taking just the economics class. After I got my MBA I was an even better appraiser.

To read more, Click Here

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The Ghost in the Machine: How Tech Quietly Sabotages Appraisers

By Desiree Mehbod

The real estate appraisal industry is being quietly rewritten by corporate tech platforms that automate blacklisting and manipulate home values behind the scenes.

Excerpts: For anyone working on the ground in the appraisal industry today, the real estate market does not feel like a fair playing field. It feels like an automated ecosystem designed to squeeze out local expertise in favor of corporate volume. While outsiders look at recent data and express shock, those of us in the trenches know the truth: bias, exploitation, and automated blacklisting are literally hardcoded into the platforms we are forced to use every day. BookAppraisals

To understand how broken things have gotten, you only have to look at what happened to a seasoned independent appraiser out West. After years of building direct relationships with lenders, his entire workflow evaporated into thin air over a matter of days. For six grueling months, his phone stopped ringing, and no new appraisal requests came through. He reached out to a trusted lender he had done business with for years, only to receive a shocking answer: “We have been sending you work orders for months, but you never responded. We thought you were ghosting us, so we removed you from our panel.”

What actually happened was not a lack of interest or an economic downturn. It was deliberate, systemic sabotage.

The appraiser had grown tired of receiving a nonstop, daily barrage of automated AMC bid spam flooding his inbox. When he pushed back against the platform handling the communications, an employee at the appraisal tech platform retaliated by quietly changing his account’s primary email contact to an internal “noreply” address. Because the system never sent out a bounced notification, lenders genuinely believed he was ignoring them. A single unlicensed tech employee effectively deactivated a small business with a few clicks, and it took a random, autopopulated form months later for the appraiser to discover the truth.

This is not just a horror story about bad tech support. It is a window into the unchecked power that tech platforms and Appraisal Management Companies (AMCs) hold over our livelihoods.

The software running this industry is built to control and discipline independent appraisers. Take the concept of appraiser grading metrics.

Appraisers are under the illusion that their performance ratings are private between them and an individual client. In reality, bad star ratings or panel removals from a single vindictive AMC are secretly shared across wider platform networks, like Mercury via the VMP suite. It creates a permanent, hidden anchor that ruins future work opportunities with other clients, with no shelf life expiration date and zero opportunity for a fair rebuttal.

This infrastructure directly explains the numbers people are starting to notice. A recent National Mortgage Professional article highlighted a stat showing that AMC appraisals are more likely to match a home’s contract price exactly, hitting it at 26.41% compared to 22.67% for non-AMC appraisals. To a data scientist, that might look like a statistical anomaly. To an independent appraiser, it is just Tuesday. See below for more information on the National Mortgage Professional Article see below.

To read more of the article above and read the appraiser comments,

Click Here.

My comments: I remember when AMCs took over appraisal management after the 2008 housing crash. A hot appraisal topic was how to be taken off the AMCs “do not use list”. Before AMCS took over lenders managed their own appraisal lists, often for overflow from their staff appraisers. Reportedly they shared their l “Do not Use” lists.

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Appraisers face stagnant pay and rising costs as AMCs defend their fees and new technology reshapes the industry

From National Mortgage News

TOPICS:

  • Where The Appraisal Fee Goes
  • How AMCs Became The Status Quo
  • The Bidding Process
  • A New Appraisal Format, An Old Fight Over Fees
  • Who Manages The Work?
  • Outsourcing The Work Doesn’t Outsource the Responsibility
  • What Does The Research Say About Quality?

A few quotes:

“Appraisal management companies — although they’ve been around for many, many years — have morphed into this cottage industry.”

Marc Savitt, president of NAIHP and former NAMB president

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“Appraisers are just getting nickeled and dimed, and we have no way to fight back.”

Joshua Tucker, chairman and co-founder of the

Appraisal Regulation Compliance Council

To read this article, Click Here

My comments: One appraiser’s AMCs story and comprehensive analysis of Where The Appraisal Fee Goes.HOW TO USE THE NUMBERS BELOW. Appraisals are ordered after the loan application. These numbers tell you the future for the next few weeks. For more information on how they are compiled, click here.

Note: I publish a graph of this data every month in my paid monthly newsletter, Appraisal Today. For more information or get a FREE sample go to www.appraisaltoday.com/order Or call 510-865-8041, MTW, 7 AM to noon, Pacific time.

My comments: Rates are going up and down in 2026 and probably in 2027 but no one knows for sure.

Mortgage Applications Decrease in Latest MBA Weekly Survey

WASHINGTON, D.C. (November 4, 2026) — Mortgage applications decreased 1.2 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending October 30, 2026.

The Market Composite Index, a measure of mortgage loan application volume, decreased 1.2 percent on a seasonally adjusted basis from one week earlier.  On an unadjusted basis, the Index decreased 2 percent compared with the previous week.  The Refinance Index increased 0.1 percent from the previous week and was 60 percent lower than the same week one year ago. The seasonally adjusted Purchase Index decreased 2 percent from one week earlier. The unadjusted Purchase Index decreased 4 percent compared with the previous week and was 19 percent lower than the same week one year ago.

“Mortgage rates drifted down to their lowest level since September 2026 last week in the wake of the Federal Reserve’s decision to hold on additional rate hikes at its October meeting,” said Mike Fratantoni, MBA’s SVP and Chief Economist. “While the 30-year rate declined to 7.3 percent, activity is still quite slow, with purchase application volume down for the week and refinance volume effectively flat at a very low level. As we have highlighted in recent weeks, more borrowers are choosing ARMs in this environment to lower their initial payments, with the ARM share at its highest level since September 2025.”

The refinance share of mortgage activity increased to 39.8 percent of total applications from 38.9 percent the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 11.4 percent of total applications.

The FHA share of total applications decreased to 16.0 percent from 16.6 percent the week prior. The VA share of total applications increased to 11.2 percent from 11.0 percent the week prior. The USDA share of total applications increased to 0.6 percent from 0.5 percent the week prior.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($832,750 or less) decreased to 7.30 percent from 7.37 percent, with points decreasing to 0.75 from 0.76 (including the origination fee) for 80 percent loan-to-value ratio (LTV) loans. The effective rate decreased from last week.

The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $832,750) decreased to 7.20 percent from 7.28 percent, with points decreasing to 0.48 from 0.64 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week.

The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA decreased to 7.02 percent from 7.12 percent, with points remaining unchanged at 1.07 (including the origination fee) for 80 percent LTV loans.  The effective rate decreased from last week.

The average contract interest rate for 15-year fixed-rate mortgages increased to 6.76 percent from 6.70 percent, with points increasing to 0.98 from 0.85 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week.

The average contract interest rate for 5/1 ARMs decreased to 6.29 percent from 6.41 percent, with points decreasing to 1.00 from 1.20 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week.

The survey covers U.S. closed-end residential mortgage applications originated through retail and consumer direct channels. The survey has been conducted weekly since 1990. Respondents include mortgage bankers, commercial banks, thrifts, and credit unions. Base period and value for all indexes is March 16, 1990=100.

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Ann O’Rourke, MAI, SRA, MBA

Appraiser and Publisher Appraisal Today

1826 Clement Ave. Suite 203 Alameda, CA 94501

Phone: 510-865-8041

Email:  ann@appraisaltoday.com

Online: www.appraisaltoday.com

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AMC Panel Requirements

By on October 30, 2026   /   appraisal business, Appraisal fees, appraisal how to, appraisal management company, Appraisal Software, Fannie, New URAR, UAD 3.6   /   Leave a comment
Tags: , , ,

Newz: UAD 3.6: Fees, Turn-Time, Software and more, AMC Panel Requirements

October 30, 2026

ARTICLE LIST – In order, scroll down the page to read

  • LIA AD: AMC Panel Requirements
  • UAD 3.6: Inside the Struggle Over Fees, Turn-Time and Software By Frank Andorka, Managing Editor WorkingRE
  • A Clifftop Compound With 2 Brand-New Cabins in Idaho Hits the Market
  • What is Highest and Best Use in Appraisal? (Updated for UAD 3.6) , By Kevin Hecht
  • MY AD: What Enough of UAD 3.6, I Have a Business to Run!, By Doug Smith, MBA, SRA
  • UAD 3.6: A New Era of Accountability in Appraisal Quality, By Gynell Vestal (Administrator) American Valuation Society
  • Flock Camera Blunders and the Privacy Risks of UAD 3.6, By Desiree Mehbod
  • MBA stats: Mortgage applications increased 3.4 percent from one week earlier

 

Thanks to our Sponsor!!

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UAD 3.6: Inside the Struggle Over Fees, Turn-Time, Software and more

By Frank Andorka, Managing Editor, Working RE

Excerpts: Editor’s Note: Since this article was written, the GSEs created an exception to UAD 3.6 implementation for sellers who aren’t able to make the full transition to the new standard before Nov. 2. The exception runs through May 19, 2027. The GSEs will also allow resubmissions of UAD 2.6 appraisal reports through June 27, 2027. As of March 1, 2027, UAD 2.6 appraisals will no longer qualify for certain appraisal-related representations and warranties relief. For more, check out our full report at workingre.com:

GSEs Create Exception for UAD 3.6 Deadline: Runs through May 19, 2027.

To read: Click Here

Nov. 2 is usually just another day on the calendar — but not this year

Timeline and Rollout

The rollout of UAD 3.6 has been hampered considerably by two problems: slow software rollouts and lenders dragging their feet. When Working RE covered Valuation Expo in Las Vegas at the end of August, the problems clearly came into view.

While most of the leading software providers received initial approval from the GSEs in late 2025 and early 2026, word on the ground at Valuation Expo (Val Expo) was that there were still plenty of bugs to work out. AMC executives privately shared that they had staff simultaneously testing all the GSE-approved reporting software so they could troubleshoot and support appraisers when they inevitably ran into problems trying to turn in assignments. Some of those bugs were being run back to the software companies in real time, with the appraiser, AMC, lender and software provider working through the problem together.

The bigger problem in August was that lenders had barely begun ordering the 3.6 appraisals at all. Rocket Mortgage staff at Val Expo said they had ordered six UAD 3.6 appraisals. Rocket originates roughly six to seven percent of all residential mortgages in the United States. Several regional AMCs reported completing exactly two assignments apiece — and in each case, one of the two was a test run the AMC had ordered itself.

Scott Reuter, chief appraiser at Freddie Mac, summed up the bind on a panel at the show: “Appraisers cannot do a 3.6 assignment unless somebody orders a 3.6 assignment.”

More Than 900 Data Elements

There were approximately 190 data elements in UAD 2.6. There are now more than 900 in UAD 3.6. Reuter says it’s easy to be overwhelmed if appraisers just hear the number, but he assures the industry that appraisers were in the room when the form was developed.

“I want to make sure they don’t just hear ‘more than 900 elements’ and worry that they won’t be able to do it,” Reuter says. “They won’t have to fill out all those data points for every property. They are never going to touch the lion’s share of them, but we wanted to make sure we accounted for every potential contingency just in case.”

Lyle Radke, senior director of collateral policy at Fannie Mae, says Fannie and Freddie hold, between the two of them, $7 trillion in mortgage debt which, since it’s backed by the U.S. Treasury, is guaranteed by U.S. taxpayers. Therefore, it stands to reason collecting more data than before is important.

“From that perspective, the data is essential,” Radke says. “It’s how we manage risk. UAD 3.6 makes it easier for us to see and understand the data. If we didn’t have 3.6, we could still parse the data, but it would be much more challenging and time consuming.”

Other topics include turn times, liability and fees.

As the industry rushes toward the Nov. 2 deadline, appraisers’ stress levels will continue to rise. The only question is: What will things look like when the smoke clears? Only time will tell.

To read more, Click Here

My comments: Good discussion of the issues with quotes from many people, including GSEs. Not many changes since the August conference, except software vendors are still sending out updates. Fees still unclear.

Read more!! →

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ROAD to Housing Act and Appraisers

By on October 23, 2026   /   appraisal regulations, Appraisal Software, UAD 3.6   /   Leave a comment

Newz: ROAD to Housing Act and Appraisers, UAD 3.6 Adjustments

October 23, 2026

ARTICLE LIST – In order, Scroll down the page to read.

  • LIA AD: Judicial Appraiser Panels: Balancing Opportunity and Liability
  • 21st Century ROAD to Housing Act By Jo Traut
  • 5 Moody Gothic Victorian Homes You Can Buy for Under $500K Right Now
  • I Wish the UAD 3.6 Deadline Would Hurry Up and Get Here, By Chad Barker
  • MY AD: Appraisal Forms Software in September, 1993
  • Surviving UAD 3.6: Secondary Market Risk Protocols, By Desiree Mehbod
  • UAD 3.6 Adjustments: New Rules, Same Principles, By Doug Smith
  • MY UAD 3.6 UPDATE – Where to get free appraisal webinars and podcasts on youtube. Demos of UAD 3.6 software and other relevant topics.
  • MBA Stats: Mortgage applications decreased 5.3 percent from one week earlier

 

Thanks to our Sponsor!!!

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21st Century ROAD to Housing Act

By Jo Traut

Excerpts:

What Is the 21st Century ROAD to Housing Act?

The 21st Century ROAD to Housing Act (Renewing Opportunity in the American Dream) became law on July 11, 2026. The legislation addresses a wide range of housing-related issues, including housing supply, affordability, consumer protections, and modernization efforts across several federal housing programs.

Appraisal-related provisions were included as part of broader efforts to improve the homebuying process and strengthen the appraisal profession.

Several provisions are particularly relevant to appraisers, from expanded FHA eligibility to workforce development initiatives and standardized reconsideration of value procedures.

What the New Law Means for Appraisers

For years, state-licensed residential appraisers have largely been excluded from FHA appraisal work. The 21st Century ROAD to Housing Act could eventually change that.

The new federal law includes several appraisal-related provisions designed to expand opportunities within the profession, modernize appraisal oversight, improve consumer protections, and support the development of the next generation of appraisers.

While some changes will require additional implementation and guidance before they take effect, appraisers should begin paying attention now, especially those interested in future FHA appraisal opportunities.

Here’s what appraisers need to know about the law, its potential impact on the profession, and how to prepare for what’s ahead.

Key Changes for Appraisers

• Licensed Appraisers May Once Again Be Eligible to Perform FHA Appraisals

• Trainee Appraisers Will Be Added to the ASC National Registry

• Grants Are Authorized for Appraiser Education and Workforce Development

• Reconsiderations of Value Receive a Federal Framework

• Appraisal Oversight and Registry Funding Are Updated

• A Public Appraisal Database Study Is Underway

How Appraisers Can Prepare Now

When Will These Changes Take Effect?

To read more, Click Here

My comments: If you do lender residential appraisals, read this full article. An excellent summary of what it means for appraisals. I have been following this topic for a long time. Finally it parts of it may be implemented over time. Be ready for when they come!

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GSEs Create Exception for UAD 3.6 Deadline for Approved Lenders

By on October 2, 2026   /   adjustments, GSEs, state appraiser regulators, UAD 3.6   /   Leave a comment
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Newz: GSEs Create Exception for UAD 3.6 Deadline for Approved Lenders Through May 19, 2027, Weather Impact on Appraisals

October 2, 2026

ARTICLE LIST – Scroll down the page to read

  • LIA AD: Weather Impact
  • GSEs Create Exception for UAD 3.6 Deadline for Approved Lenders Through May 19, 2027, Plus ACI Update, By Frank Andorka, Managing Editor, WorkingRE
  • Palm Beach’s Landmark ‘Ham and Cheese House’ Is Listed for an $105 Million
  • MY AD: Disciplinary Proceedings: What Conduct Leads to Discipline? By Claudia Gaglione
  • The Mathematics of Judgment By Dustin Harris
  • Fewer Appraisers. Better Appraisers. Which One Are You Going to Be? By Dustin Harris
  • MY UAD 3.6 UPDATE – ACI NEWS:Only the desk top version is withdrawn. The cloud base program still works.
  • 18th Annual Appraisal Summit in Las Vegas – Oct. 31-Nov. 3, 2026.

Hear what the GSEs say about Nov. 3. All the software vendors will be there – demos, questions. Network with appraisers.

HAVE FUN! OCTOBER 31 IS HALLOWEEN!!

  • MBA stats: Mortgage applications decreased 6.0 percent from one week earlier

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GSEs New Exception for UAD 3.6 Deadline for Approved Sellers : Runs through May 19, 2027
PLUS ACI UPDATE

By Frank Andorka, Managing Editor, WorkingRE

Approved sellers who are unable to fully implement UAD 3.6 before the formal Nov. 2, 2026, deadline will be allowed to continue submitting legacy UAD 2.6 appraisal reports through May 19, 2027, according to Fannie Mae and Freddie Mac.

The GSEs will also allow resubmissions of UAD 2.6 appraisal reports through June 27, 2027. As of March 1, 2027, UAD 2.6 appraisals will no longer qualify for certain appraisal-related representations and warranties relief.

From March 1 through May 19, 2027, UAD 2.6 reports will receive a Collateral Underwriter® (CU) risk score of 999 when submitted to Fannie Mae, and their functionality will be reduced in both CU and Loan Collateral Advisor®. The GSEs encourage sellers to fully adopt UAD 3.6 as soon as possible, as this is a one-time policy exception that will not be extended.

“Many lenders are submitting UAD 3.6 appraisal reports; however, some lenders may need more time to adopt,” the GSEs said in the release announcing the exception.

Submitting a UAD 2.6 report after Nov. 2 will require explicit approval from the GSEs. To request a policy exception, a representative of the seller who is authorized to enter into a binding contract must complete the online UAD 3.6 Policy Exception Request for each GSE to which it sells loans.

To read the GSE UAD 3.6 Policy Exception documents, Click Here

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ACI Update

In a perhaps unrelated announcement the day before (September 29, 2026) the GSEs announcement, ACI, an appraisal software that has been serving appraisers for decades, signaled that they were scrapping ACI Sky™ Workbench, it’s UAD 3.6-compliant appraisal report.

ACI wrote on its Facebook page:

“After careful consideration, we’ve made the decision to stop the current version of ACI Sky™ Workbench and focus our efforts on developing a significantly improved Workbench 2.0 experience, targeted for release in Spring 2027…. Access to the current ACI Sky Workbench platform will end October 9, 2026.”

Appraisers in the comments on ACI’s post reported they had been in communication with ACI and were told that “there was no interim solution in place for current ACI subscribers for completing UAD 3.6 assignments,” according to one appraiser. That same appraiser quoted an email he received as saying: “At this time, the information provided to us confirms that ACI Desktop will remain available for existing UAD 2.6 and legacy workflows, but it does not provide a confirmed interim ACI workflow for completing UAD 3.6 reports after Workbench is removed.”

To read the full WorkingRE article, Click Here

My comments on Exceptions:

THIS DOES NOT CHANGE THE NOVEMBER 2, 2026 DATE FOR ALL SELLERS/ LENDERS (WITHOUT APPROVED EXCEPTIONS) TO ONLY SUBMIT UAD 3.6 APPRAISALS.

I read an online post from an appraiser about using prediction markets like Kalshi and Polymarket for The UAD 3.6 deadline of November 2. The post had several interesting comments posted.

My opinion has been No Change for November 2 for awhile. The GSEs have seen successful appraisal and lender submissions for awhile. Now they have a way to keep the deadline with one exception.

I am not surprised. I have known for a long time that the “weak link” is the lenders not the appraisers. Appraisers just have to learn how to do the changes in reporting. Lenders have to redo their computer systems for all the changes.

I attended two event sessions where GSE representatives were speaking. I asked them about what was happening with lenders. They did not say much.

I was available to find very little help for lenders online.

What appraisers need to do – a few ideas

Learn about the new Exceptions and what is required. It is complicated.

To read the GSE UAD 3.6 Policy Exception documents, Click Here

When a lender requests an appraisal be sure you both agree on what type of appraisal will be needed: UAD 3.6 or 2.6. Get the request in writing.

To be sure, you could ask if they have an approved Exception. Then you will know they will be submitting a UAD 2.6 appraisal.

A few ideas from Doug Smith

1. Keep training on 3.6. The exception postpones the deadline for some lenders. It doesn’t retire the format.

2. Get the format in writing. On every order after Nov 2, confirm 2.6 or 3.6 in the engagement letter, especially for FHA and VA.

3. Ask lender clients whether they’ve requested the exception from one GSE, both, or neither.

4. Expect a dual-track transition. Some clients will still order 2.6 into 2027. Others will move early to avoid the March 1 penalties.

Status of FHA and VA – unknown currently. Lots of rumors and comments.

In future Friday newsletters I will let you know more, as it becomes available. It is complicated. I received notification of these new exceptions on September 30, 2026. I had limited research time available before my newsletter deadline on October 2, 2026 at 6:30 AM.

Many thanks to WorkingRE for writing this article on November 2026 about the new GSE Exception changes and ACI update!

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Artificial Intelligence Will Not Replace Appraisers

By on September 18, 2026   /   ADUs, AI, AMCs, FHA, UAD 3.6   /   Leave a comment
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Newz: Freddie ADU Guide, AMCs, AI and Appraisal Photos, FHA QC Changes

September 18, 2026

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

  • LIA AD: Expanding Intended Users? Not So Fast
  • A Practical Guide to Appraising Accessory Dwelling Units (ADUs) By Freddie Mac
  • Artificial Intelligence Will Not Replace Appraisers By Tony Pistilli
  • Former 1847 Ohio Jail Goes Under Offer for $400K: How One Family Turned Inmate Cells Into Pantries and Closets
  • MY AD: The Appraisal Triangle: Knowledge. Experience, Aptitude and Attitude
  • HUD Rewrites FHA Appraisal Quality Control by Kenneth J. Mullinix
  • If the Management Model Is So righteous, Spread It Around (AMCs)
  • MY UAD 3.6 UPDATE How the get the list of GSE validated UAD 3.6 software vendors, Facebook page to read appraiser comments on UAD 3.6 software.
  • MBA stats: Mortgage applications decreased 4.1 percent from one week earlier

A Practical Guide to Appraising Accessory Dwelling Units (ADUs)

By Freddie Mac

Excerpts: Sample Topics:

Appraisal Considerations:

Firstly, an appraiser can’t simply ignore an ADU. If the determination is made that additional finished area qualifies and meets the definition of an ADU, there are some practical steps the appraiser must take in the analysis.

Appraisal Development:

The appraiser will need to determine any effect the ADU has on the market value or marketability of the subject property. The appraiser’s analysis must be documented in the appraisal report and conclude whether an adjustment is supported for the ADU (remembering that the conclusion for no adjustment also requires market support).

Allowable Flexibility:

A good best practice for any appraiser is to reference and use Freddie Mac resources and published appraisal guidelines, which detail the steps an appraiser may take when valuing a property with an ADU. If a subject property ADU complies with zoning and land use requirements, the appraisal report must include at least one comparable sale with an ADU. If not available, then the appraiser may consider an older sale from the subject’s market or a competing market. The appraiser may also expand the search and comparison beyond just three sales, including pending contract sales or listings to justify the support for adjustments.

My comments: If you appraise ADUs, or are just curious, read this article from Freddie Mac!

To read more, Click Here

My comments: If you appraise properties with ADUs, read this detailed and practical advice for appraisers.

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Defending Adjustments for Appraisers

By on September 4, 2026   /   adjustments, AI, AMCs, appraisal business, GSEs, UAD 3.6   /   Leave a comment
Tags: , , , , , ,

Newz:  GSEs Request Feedback on UAD 3.6, Defending Adjustments

September 4 , 2026

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

  • LIA AD: Too Late for a Reconsideration of Value
  • How to Defend Adjustments in Appraisal Reports
  • $112 Million Laguna Beach Mansion With a Private Library and a Rotating Bed in Primary Suite Could Become Priciest Home Ever Sold in Orange County
  • GSEs Request Appraiser Feedback on UAD 3.6
  • MY AD: How AI Can Help Residential Appraisers and Why Appraisers Will Always be Needed By By David Galatto
  • First the Borrower Fee. Now the Appraiser Compensation in Court By Kenneth J. Mullinix
  • The part of the process appraisers never see, and the reason your file keeps coming back
  • UAD 3.6 UPDATE – Inspection Checklist, New Survey: UAD 3.6 mandate is Nov. 2nd. Are you ready for it?,
  • MBA STATS: Mortgage applications increased 0.8 percent from one week earlier

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How to Defend Adjustments in Appraisal Reports

When someone questions an adjustment, many appraisers respond, “It’s based on market data” or “my experience in the market.” These statements might be true, but they don’t support the adjustment. They just state where it came from.

Appraisal reports are similar to scientific papers. A scientist can’t write “Based on my experiments, the hypothesis is correct” and expect peer review to accept it. Scientists need to share their methodology, summarize their analysis, and support their conclusions.

The same applies to appraisal adjustments. Saying you used market data is like saying you conducted an experiment. It’s just the starting point. Your report needs to summarize how you analyzed the data and how it supports that specific adjustment.

Without this documentation, you haven’t provided credible analysis. You’ve stated an unsupported opinion, regardless of your experience.

You need a clear path from market evidence to the number on your grid. Defending appraisal adjustments isn’t one perfect technique. It’s about using multiple, credible methods, explaining your logic, and sequencing your work so it aligns with how the market behaves and with USPAP.

Below is a practical, step-by-step approach you can put to work right away.

Start with the Right Sequence

Before you calculate any adjustment, get the order right. In practice, you should follow this sequence:

  • Apply transactional adjustments:
  • Real property rights conveyed
  • Financing terms
  • Conditions of sale
  • Expenditures made after purchase
  • Market conditions (time)
  • Apply property adjustments:
  • Location
  • Physical characteristics (e.g., finished square footage, bathrooms, garages, condition, quality)

Transactional adjustments affect the overall transaction price, and each adjustment creates a new base for the next one. They answer the question, “What would this comparable have sold for under typical terms on my effective date?”

These adjustments normalize the sales by removing distortions from unusual financing, non-market conditions, or time differences.

Equalize Market Conditions Before You Compare

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Nobody is Ready for UAD 3.6 Today

By on August 28, 2026   /   AMCs, appraisal how to, UAD 3.6   /   Leave a comment
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Newz:  Nobody is Ready for UAD 3.6,

Time to Take Out the AMC Junk

August 28, 2026

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

  • LIA AD: Think carefully before signing a Records Affidavit
  • Nobody is Ready for UAD 3.6 by Isaac Peck, Publisher WorkingRE
  • The famed rotating round house at 4 Harkle Road in Novato is for sale for the first time
  • It’s Time to Take Out the Junk: AMC Practices Exposed by Logan Dorman
  • MY AD: How to reduce stress to be more productive in business and a happier life
  • Becoming an Appraiser: Courage to Grow Beyond Training by Timothy Andersen, MAI
  • UAD 3.6 UPDATE – Comp Photos, Any Future for Residential Appraisers?
  • MBA STATS: Mortgage applications decreased 1.0 percent from one week earlier

Nobody is Ready for UAD 3.6

by Isaac Peck, Publisher WorkingRE

I just got back from Valuation Expo, the nation’s largest and most dynamic conference for real estate appraisers and valuation industry stakeholders. More than 800 people made it to Las Vegas this year.

Appraisers, chief appraisers at appraisal management companies (AMCs), lenders, regulators, software developers, service providers, insurance professionals and more convened to talk about the latest technology and explore where the profession is headed.

The mood was elevated and positive—many attendees were genuinely invigorated and excited about the future. And yet, despite all the positivity, another reality was plainly clear from the conversations: Nobody is ready for UAD 3.6.

While many of the leading software providers received initial approval from Fannie Mae and Freddie Mac (the GSEs) in late 2025 and early 2026, word on the ground is that there are still plenty of bugs to work out.

AMC executives privately shared that they have staff simultaneously testing all the GSE-approved appraisal reporting software so they can troubleshoot and support appraisers when they inevitably run into bugs and errors trying to turn in an assignment. Some of those bugs are being run back to the software companies in real time, as appraisers, AMCs, lenders and software providers work together to find a solution.

In other words, while the GSEs tested the main appraisal report software providers on several different types of assignments, there are so many nuances, data fields and report settings that bugs are surfacing rapidly now that appraisers are finally doing live assignments.

In addition to the software challenges, part of the problem is that most lenders haven’t begun ordering UAD 3.6 reports at all.

I spoke with several regional AMCs. Each had completed just two UAD 3.6 assignments—and in each case, one of the two was a test run the AMC had ordered itself.

If one of the largest mortgage lenders in the country has only done six UAD assignments, how many appraisers have actually completed a UAD 3.6 assignment? The answer is very, very few.

An appraisal software executive shared with me privately that he fears appraisers may be (wrongly) blamed if the rollout goes poorly and the market is disrupted. It would be easy to sell a narrative that “appraisers weren’t ready,” or that appraisers can’t handle the new report format. Such a view clearly misses the point. After all, appraisers don’t control the development of the software, nor do they control when UAD 3.6 reports start getting ordered, to Reuter’s point.

Will we see an avalanche of UAD 3.6 orders in September and October, and will the transition happen smoothly by mid-October? It seems unlikely.

Many thanks to Isaac Peck for “in person” realistic reporting on the Most Popular Topic in appraising – Future of UAD 3.6 and GSEs.

To read more, Click Here

My comments: Definitely worth reading the full article!!! I was unable to attend this conference but have attended many webinars and two “boot camps” via zoom since early 2025. Plus I have written about the problems.

This article was no surprise to me. It puts all the pieces together and has quotes from knowledgeable people, plus what appraisers said.

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Solidfi AMC vs. Appraiser

By on August 21, 2026   /   AMCs, Appraisal Qualifications Board, appraisal regulations, UAD 3.6   /   Leave a comment

Newz: AQB Changing Requirements OK?, Completion Certificates, Solidfi AMC vs. Appraiser

August 21, 2026

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

LIA AD: Completion Certificate Assignment

  • Second AQB Exposure Draft Proposals Could Be Game-Changing, By Bryan Reynolds
  • How the Shotgun Home Went From Affordable Southern Staple to an Endangered Design Gem
  • When Solidifi Tried to Silence Samnick
  • MY AD: Beyond Forms, Toward Wisdom: The Case for a Broader Education in Real Estate Appraisal, By Tim Andersen, MAI
  • Appraisal Software Tools to Consider in 2026
  • My UAD 3.6 Tips of the Week – FHA/VA, Tablets
  • MBA AD STATS: Mortgage applications decreased 0.4 percent from one week earlier

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Second AQB Exposure Draft Proposals Could Be Game-Changing

By Bryan Reynolds

Comments are due by August 30, 2026. To Post Your Comments, Click Here

The AQB is proposing changes to the appraiser qualification requirements that would significantly change some of the barriers to entry. Here are some highlights. Excerpts: n June 22, 2026, the Appraisal Foundation’s Appraiser Qualifications Board (AQB) released their “Second Exposure Draft of Proposed Changes to the Real Property Appraiser Qualification Criteria.” (Read it here.)

That’s a mouthful. Let me translate: The AQB is proposing some big sweeping changes to the minimum requirements for becoming a real property appraiser. I’m not taking a position on these proposals, but there’s no question that several of them could remove or reduce long-standing barriers to entry for aspiring appraisers.

As AQB chair Jerry Yurek explained: “The proposals do not lower the bar the appraiser credential signifies. They do, however, streamline the path to entry into the profession by eliminating requirements that do not contribute to an applicant’s readiness.”What the Exposure Draft Would Change:

1. Eliminate the College Degree Requirement for Certified Residential and Certified General

2. Remove the Minimum Calendar-Time Requirements for Experience

3. Add a Demonstration Appraisal Report Pathway for Licensed Residential

4. Recognize Experience Already Earned When Moving to a Higher Classification

Make Your Voice Heard

The AQB exposure process is the profession’s opportunity to support, oppose, or recommend revisions to the proposals. Comments are due by August 30, 2026. Whether you are an appraiser, trainee, educator, regulator, lender, or user of appraisal services, review the draft carefully and provide specific, constructive feedback to the AQB.

These proposals could be game-changing. The profession should help determine exactly how the game changes.

To read more in the article Click Here

For more information from the AQB, Click Here 

My comments: This article is very positive about the reason for the changes and mostly was what the ASB said. Many thanks to Bryan Reynolds for writing up what is proposed.

No college degree for certified general is not a good idea.

I learned how to write long “papers”, open to ideas about new things in college. Of course business classes are good. I never had business classes until I got my MBA 10 years after I started appraising. I became a much better appraiser. Maybe some business classes could be required. Especially financial.

Commercial appraisers need very good math and financial expertise.

The big problem, exposed after licensing, was the experience requirement. People sent out mass mailings to find a mentor. They had no way to determine if they were ethical, knew how to appraise, and more. Of course, fee appraisers have had no teacher training. I still hear stories about trainees who found out their mentor was teaching them the wrong things.

Before licensing, most trainees started at lenders, who had supervisors to train them. I was trained at an assessor’s office with the same set up.I am a musician and learned to play many instruments over the years. I learned to take lessons when I first started playing. Why? So I did not have to un-learn the wrong way to play better. The same applies to appraiser trainees.

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A FINAL PLEA — TAKE A FEW MINUTES TO COMMENT BY DOUG SMITH

The AQB has extended the comment deadline on its proposed changes to the Real Property Appraiser Qualification Criteria from July 27 to August 30. With appraisers also trying to prepare for the enormous change represented by UAD 3.6, that extra time is welcome.

But August 30 is now only days away.One proposal deserves particular attention: eliminating the college degree requirement for Certified General appraisers.Whatever your position, this is a major change in the qualifications for entry into our profession. The AQB needs to hear from the people who actually practice appraisal.You do not need to write an essay. Even a short comment stating whether you support or oppose eliminating the college degree requirement — and briefly why — puts an appraiser’s voice into the record.Take a few minutes. Make your voice heard.Deadline: August 30, 2026Send your comment by email to: AQBComments@appraisalfoundation.org

Copy the address, paste it into your email, write a few sentences, and hit Send.Many thanks to Doug Smith for his comments!!

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Surplus vs. Excess Land for Appraisers

By on August 14, 2026   /   appraisal business, appraisal how to, non-lender appraisals, UAD 3.6   /   Leave a comment
Tags: , , ,

Newz: Surplus vs. Excess Land,
Easement Issues and Liability

August 14, 2026

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

  • LIA AD: Easements: Issues and Appraiser Liability
  • Surplus Land vs. Excess Land: What Appraisers Need to Know, By Kevin Hecht
  • Built Different: How the Ranch-Style Home Went from 1930s Architectural Rebel to America’s Favorite Floor Plan
  • Let’s Talk About Letters of Engagement, By Jeff Whaley
  • MY AD: UAD 3.6 Software Evaluation Checklist
  • An Abridged History of the Appraiser Profession, By Kendra Budd, Editor Working RE
  • My UAD 3.6 Tips of the Week
  • MBA: Mortgage applications increased 3.6 percent from one week earlier

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Surplus Land vs. Excess Land: What Appraisers Need to Know

By Kevin Hecht

Excerpts: Land valuation is a fundamental aspect of real estate appraisal, influencing property transactions, development decisions, and investment strategies. A key part of the process involves distinguishing between the land that supports the property’s current use and any additional land that may or may not have independent value.

Commonly, a square footage adjustment is made based on lot size differences among comparable properties without one key distinction: whether the difference in land is surplus or excess land. This fails to consider whether the extra land has value independent of the subject property.

Surplus land generally does not contribute value beyond its association with the primary parcel, though it may still add some contributory value in certain market conditions. Excess land, by contrast, has value because it can be divided and sold separately.

Understanding this distinction is essential for developing a credible appraisal.

Surplus Land vs. Excess Land at a Glance

Surplus Land – Cannot be separated and sold independently

Excess Land – Can be di