Work With Appraisers Who Stand Out

BY MICHAEL DRESDEN, PRESIDENT, DART APPRAISAL

This article originally appeared in Scotsman Guide, February 2016

Much of an appraiser's work is done for conventional, single-family home loans. Every now and then, however, something considered unusual comes along. Maybe it's a vacant lot. Maybe it's a modular or manufactured home. Maybe it's a high-end or otherwise one-of-a-kind house.

When it's time for a loan for a property that's not just like the others, it's vital to have a relationship with an appraisal management company (AMC) that, similarly, is not like the others. The appraisers should be able to step outside the cookie-cutter mold to best evaluate these unique properties, and to give their originators and lenders some peace of mind.

Residential mortgage lending relationships, like those between an originator and an AMC, are predicated on producing quality results. Because they are part of a larger financial transaction, the appraisal work and end product must be timely, accurate, cost-effective and satisfy all regulatory and institutional demands.

When it comes to specialized appraisals, the overriding goal of AMCs and the appraisers they work with should be to bring the same transaction certainty and overall efficiencies as they seek to attain with any other residential assignment. The fundamental components of a residential appraisal are land at a specific location, plus the structure.

Read the full article here.