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Category Archives: Appraisal Practice
Sweat Equity=Down Payment
Freddie Mac has an Enhanced Sweat Equity Program where borrowers (aka purchasers) can purchase a home and use sweat equity as a downpayment and closing costs. No money to the table! Here’s what’s allowed: Sweat equity to be used for the entire amount of down payment and closing costs with maximum 97 percent LTV/105 percent… Read More »
2019 Legislative Update
Senate Bill No. 1168 Senate Bill 1168 has been introduced into the Virginia Senate by Senator Bill DeSteph and impacts Real Estate Appraisers and Appraisal Management Companies. The bill allows for a regulatory Board within the Department of Professional Occupation Regulations to “expunge” a disciplinary record of a licensee. See the bill in the Virginia… Read More »
The Appraiser and Marijuana
Landy Insurance published an article written by Jennifer L. Markowski, a partner at Peabody & Arnold LLP, titled “Marijuana and the Residential Appraiser.” Although Virginia has not legalized marijuana, the guidance within the article is worthy of sharing. Appraisers need to be cautious when describing or reporting marijuana growing on a property. “While the mere… Read More »
Reconsideration of Value
The Appraisal Foundation has released a White Paper on Requests for Reconsiderations John Brenan, Director of Appraisal Issues, states: “This paper is intended to provide information to assist appraisers, users of appraisal services, and others, with a greater awareness and understanding of issues surrounding the reconsideration process and offer some suggestions for those who wish… Read More »