Appraisals are required to follow strict guidelines established by Federal and State lawsThe appraisal process requires that we utilize comparable sales that have closed in the previous months to arrive at an estimate of valueIn northern MIchigan it is not unusual for comparable sales
to be a significant distance from the subject we are appraisingThe fact that the appraisal did not satisfy the requirements for the owner to qualify for financing always bothers usHowever, the reason for the appraisal is to provide the client an opinion as to what the property value is in the current marketWe are giving an opinion based on our research and market driven dataAs to the request that the borrower be refunded a dollar amount because the appraisal was lower than what they neededWe will not be refunding any amountTo do so would be a violation of USPAP as it would be considered as though our fee is contingent upon arriving at a predetermined value
Appraisals are required to follow strict guidelines established by Federal and State lawsThe appraisal process requires that we utilize comparable sales that have closed in the previous months to arrive at an estimate of valueIn northern MIchigan it is not unusual for comparable sales
to be a significant distance from the subject we are appraisingThe fact that the appraisal did not satisfy the requirements for the owner to qualify for financing always bothers usHowever, the reason for the appraisal is to provide the client an opinion as to what the property value is in the current marketWe are giving an opinion based on our research and market driven dataAs to the request that the borrower be refunded a dollar amount because the appraisal was lower than what they neededWe will not be refunding any amountTo do so would be a violation of USPAP as it would be considered as though our fee is contingent upon arriving at a predetermined value