Mitchell6024/quickb · Datasets at Hugging Face

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1595da8d-c164-4d2d-962a-e12cd7c9d983	In the Condominium Appraisal Report, the appraiser will: • indicate which utilities are included in the monthly homeowners association fee, • comment on the adequacy of the monthly assessment, based upon the appraiser’s opinion of the adequacy of the project’s budget and a comparison to similar condominium developments, • recommend a fair assessment if the current assessment is considered	VA_Guidelines.txt
127c9ace-6fbc-483c-8a66-8fa312a1d6d4	if the current assessment is considered inadequate, and • report any known pending litigation involving the subject condominium development or its homeowners association	VA_Guidelines.txt
ebe2333c-9960-4af0-8f32-9c3cc162e650	. j.	VA_Guidelines.txt
064fcabf-6f66-4a6a-a447-73cc8cb106d6	Pre-sale For new condominium developments, a pre-sale requirement of 70 percent Requirement must be included on the NOV and satisfied prior to VA loan guaranty. k. Wood- A wood-destroying insect inspection is not required on units in low-rise or destroying high-rise condominiums (units are stacked vertically), unless the appraiser Insect Reports notes a potential infestation problem.	VA_Guidelines.txt
66c48d32-47f0-4372-9751-0a4c9ce464da	For site condominiums and villa/townhome style condominiums where units are side by side, located in a “very heavy” or “moderate to heavy” zone, a wood-destroying insect inspection must be required on the NOV unless evidence of a treatment guarantee has been provided by the homeowners association. 11-18 VA Pamphlet 26-7, Revised Chapter 11: Appraisal Report 13.	VA_Guidelines.txt
0bf0a376-24fe-41df-bafa-28253c6bbf8d	Uniform Appraisal Dataset (UAD) Change Date February 22, 2019 • This Chapter has been revised in its entirety. a. Definition The UAD improves the quality and consistency of appraisal data by defining all fields required on specific appraisal forms and standardizes definitions and responses for a key subset of fields.	VA_Guidelines.txt
d2e57b71-ecf7-45fe-8121-3c5d22f4ad58	Regardless of the geographic location of the property or any localized reporting conventions, the UAD standardization includes: • Formats for fields that include dates, values, and other data, • Allowable values from a list of choices provided for certain fields, • Abbreviations to allow more information to fit on printed appraisal forms, and • Ratings and definitions for the “Condition” and	VA_Guidelines.txt
540f0e73-e79a-4ac4-9ab9-3fc913f87e73	• Ratings and definitions for the “Condition” and “Quality” of the property and “Updated/Remodeled” status	VA_Guidelines.txt
0e028673-b03c-4bcc-a4cb-66f9f82642aa	. b.	VA_Guidelines.txt
646b31b6-eaf0-47d3-9845-9e2b0c9bb56e	UAD- Appraisals prepared on Fannie Mae Forms 1004, 1073, 1075 or 2055 must be Compliant UAD-compliant and must include the definitions for the property condition Forms and quality ratings and the property description abbreviations used. c. VA Requires While the UAD may allow for the use of pending sales in the sales Closed Sales comparison grid, VA requires that only closed sales be used. d.	VA_Guidelines.txt
aff5932c-82e0-4ae9-aca9-93746c286b42	Remodeling UAD requires appraisers to provide specific information regarding Information remodeling in the past 15 years. VA expects fee appraisers to recognize and describe remodeling or updating and to make appropriate adjustments.	VA_Guidelines.txt
59edcac2-d2a7-40d9-b269-6fb5f0553264	Fee appraisers should also report UAD information concerning the remodeling if it is available in the “normal course of business” within VA timeliness requirements for completion of the appraisal. e.	VA_Guidelines.txt
cdfb5f96-77eb-4bdb-a9ce-2bac0ce3c86d	UAD Since origination appraisals are prepared “subject to” any repairs needed for Condition the property to meet MPRs, UAD condition ratings of C5 and C6 are not Ratings appropriate. 11-19 VA Pamphlet 26-7, Revised Chapter 11: Appraisal Report 14. Sales Comparison Approach Change Date February 22, 2019 • This Chapter has been revised in its entirety. a.	VA_Guidelines.txt
13a68175-bea9-4c9c-8a42-d31723041f09	Comparable The appraiser must include, at a minimum, three closed sales which the Sale Selection appraiser believes are the best available sales and provide comments to support the selection, when appropriate. Comparable sales should be selected based on similar locational and physical characteristics, not sales price.	VA_Guidelines.txt
e581c5db-cd71-4e4e-b5df-52122c150d51	Recent sales in the same established subdivision, condominium or PUD are typically the best indicators of value. The sales should be similar to the subject property to the extent that the sales would be competing properties if they were on the market at the same time as the subject property. b.	VA_Guidelines.txt
7b08310b-2cfb-4e48-886e-7c4477f8b3d0	Comments The appraiser should provide comments when adjustments are made for Explaining points of comparison that are not self-explanatory or when large adjustments Adjustments are made. Providing detailed commentary about the market and comparable selection may reduce the number of requests for revisions of appraisals. c.	VA_Guidelines.txt
1c2313f9-4210-47a2-9488-be8b6c081d68	Limited Sales If the sales data from the market area is limited, the appraiser must provide the Data best information available and comments with the appraiser’s professional opinion about the market, any reasons for the lack of sales data, and the various differences between the subject and the comparable sales. d.	VA_Guidelines.txt
822a2953-eafe-4bcf-a4b3-5ceb089e99e6	Distance of VA does not set minimum or maximum distance requirements between the Comparable subject and comparable sale properties. In suburban or rural communities, the Sales market areas may be greatly expanded and suitable comparable sales may be many miles away from the subject.	VA_Guidelines.txt
6d7602f9-0f24-4e00-9fb0-56eb3d5df1da	In such cases, the appraiser should specify why those comparable sales were used and how they compare with the subject. e. Sales of REO The appraiser may use sales of Real Estate Owned (REO) properties or short Properties sales if transactions of this nature are prevalent in the market.	VA_Guidelines.txt
62dd7a39-2956-4acc-8a8b-10d96695969e	A transaction involving a foreclosure transfer to a mortgage servicer is not evidence of market value and must not be considered as a comparable sale. Continued on next page 11-20 VA Pamphlet 26-7, Revised Chapter 11: Appraisal Report 14. Sales Comparison Approach Change Date February 22, 2019 • This Chapter has been revised in its entirety. a.	VA_Guidelines.txt
35d519e3-9fb2-47e5-9a03-c54219466ac6	Comparable The appraiser must include, at a minimum, three closed sales which the Sale Selection appraiser believes are the best available sales and provide comments to support the selection, when appropriate. Comparable sales should be selected based on similar locational and physical characteristics, not sales price.	VA_Guidelines.txt
22ed3a05-6c08-4ac6-bc70-c79215b26e61	Recent sales in the same established subdivision, condominium or PUD are typically the best indicators of value. The sales should be similar to the subject property to the extent that the sales would be competing properties if they were on the market at the same time as the subject property. b.	VA_Guidelines.txt
c31ac017-622c-4a04-8bac-00f12e764606	Comments The appraiser should provide comments when adjustments are made for Explaining points of comparison that are not self-explanatory or when large adjustments Adjustments are made. Providing detailed commentary about the market and comparable selection may reduce the number of requests for revisions of appraisals. c.	VA_Guidelines.txt
08042c7e-a1dc-483f-ba44-3d9c9beb7b52	Limited Sales If the sales data from the market area is limited, the appraiser must provide the Data best information available and comments with the appraiser’s professional opinion about the market, any reasons for the lack of sales data, and the various differences between the subject and the comparable sales. d.	VA_Guidelines.txt
60066ff8-c3de-43e0-b20a-4bf2b383b38e	Distance of VA does not set minimum or maximum distance requirements between the Comparable subject and comparable sale properties. In suburban or rural communities, the Sales market areas may be greatly expanded and suitable comparable sales may be many miles away from the subject.	VA_Guidelines.txt
fec6c058-c191-4ab4-901c-c5bc570561d9	In such cases, the appraiser should specify why those comparable sales were used and how they compare with the subject. e. Sales of REO The appraiser may use sales of Real Estate Owned (REO) properties or short Properties sales if transactions of this nature are prevalent in the market.	VA_Guidelines.txt
2862a878-cf54-4019-a247-a83d247175d8	A transaction involving a foreclosure transfer to a mortgage servicer is not evidence of market value and must not be considered as a comparable sale. Continued on next page 11-20 VA Pamphlet 26-7, Revised Chapter 11: Appraisal Report 14. Sales Comparison Approach, continued f.	VA_Guidelines.txt
f518c306-9472-4595-a28f-096b50e3e22e	Sales Comparison Approach, continued f. Sales From If the property is in a new subdivision or condominium, the appraiser should Competing include, if available for comparison, properties constructed by a competing Developments builder in the subject market area as well as properties within the subject subdivision or condominium. g.	VA_Guidelines.txt
e890aaed-c530-4766-8509-794b1c541040	Market- All adjustments on the market data grid should be market-derived, based on derived the amount the appraiser estimates a typical buyer would pay for the item in Adjustments the market. Adjustments reflect contributory value in the market, which does not necessarily equal the cost of an item. h. Sales Sales concessions typically include financing incentives or non-realty items.	VA_Guidelines.txt
a1902eba-ce93-443f-8d1c-6bcfd35c84ce	Concessions As all adjustments must be market-derived, the adjustment should reflect the difference between the sales price with the sales concessions, and what the property would have sold for without the concessions under typical market conditions.	VA_Guidelines.txt
b64440b4-32dd-4843-9b94-11f2d2562332	The sales concessions on the comparable properties are adjusted to typical market expectations, not to the specific terms or conditions of the sale of the subject. Any concession adjustments must be downward adjustments as positive adjustments for sales concessions are not acceptable. i. Recent Sales Comparable sales should reflect the most recent activity in the market.	VA_Guidelines.txt
c754d16d-ce57-4221-8506-a18055e6c438	Comparable sales are preferably sales that have taken place within the last 6 months, and generally sales that are not more than 12-months old, unless explained by the appraiser. Continued on next page 11-21 VA Pamphlet 26-7, Revised Chapter 11: Appraisal Report 14. Sales Comparison Approach, continued f.	VA_Guidelines.txt
bad110a2-fb34-42d6-a6e2-88bf969a0da5	Sales Comparison Approach, continued f. Sales From If the property is in a new subdivision or condominium, the appraiser should Competing include, if available for comparison, properties constructed by a competing Developments builder in the subject market area as well as properties within the subject subdivision or condominium. g.	VA_Guidelines.txt
3e1c947a-afe6-4cba-a9e4-d4d9eb3adda8	Market- All adjustments on the market data grid should be market-derived, based on derived the amount the appraiser estimates a typical buyer would pay for the item in Adjustments the market. Adjustments reflect contributory value in the market, which does not necessarily equal the cost of an item. h. Sales Sales concessions typically include financing incentives or non-realty items.	VA_Guidelines.txt
45b48ca8-ee99-4276-bcfc-155129a7e933	Concessions As all adjustments must be market-derived, the adjustment should reflect the difference between the sales price with the sales concessions, and what the property would have sold for without the concessions under typical market conditions.	VA_Guidelines.txt
b4510817-6e22-42c8-aefe-bb71e7bc7939	The sales concessions on the comparable properties are adjusted to typical market expectations, not to the specific terms or conditions of the sale of the subject. Any concession adjustments must be downward adjustments as positive adjustments for sales concessions are not acceptable. i. Recent Sales Comparable sales should reflect the most recent activity in the market.	VA_Guidelines.txt
6c8615be-4fe4-4710-bfc2-7440b5428363	Comparable sales are preferably sales that have taken place within the last 6 months, and generally sales that are not more than 12-months old, unless explained by the appraiser. Continued on next page 11-21 VA Pamphlet 26-7, Revised Chapter 11: Appraisal Report 14. Sales Comparison Approach, continued j.	VA_Guidelines.txt
97f63235-21a0-4dd8-8b4b-295ae1574a5e	Sales Comparison Approach, continued j. Time Market condition (time) adjustments are made to reflect value changes in the Adjustments market between the date of the contract for the comparable sale and the effective date of the appraisal. The appraiser must provide comments about current market trends to support any time adjustments.	VA_Guidelines.txt
ca60e4f8-e877-4af4-b54a-5c4001db3c6c	In an increasing market, positive market condition adjustments should be made if there is evidence, based on a thorough analysis of specific market trends, of increasing prices, a shortage of homes for sale, or decreasing marketing times.	VA_Guidelines.txt
19758182-1104-47ec-b4ef-1d646e8195a2	In a declining market, negative market condition adjustments should be made if there is evidence of a decline in prices, an oversupply, or extended marketing times. k.	VA_Guidelines.txt
9be7cba6-1576-457c-9841-e24dc74c8405	Condition Since VA appraisals must be prepared “subject to” the completion of any Adjustments repairs needed in order for the property to meet VA’s MPRs (see Chapter 12 of this handbook), the condition for the subject property compared with the comparable sales on the market data grid should reflect the condition with the repair items completed	VA_Guidelines.txt
c232a080-5309-4ce2-a2c7-3d0f06c51880	. 11-22 VA Pamphlet 26-7, Revised Chapter 11: Appraisal Report 15.	VA_Guidelines.txt
a817e9e2-17a4-4627-9967-0da62c1b765d	Cost Approach Change Date February 22, 2019 • This Chapter has been revised in its entirety. a. Not Required The cost approach is not required for VA purposes, but may be completed to by VA supplement the indicated value in the sales comparison approach. b. Site Value If the cost approach is provided, the appraiser must estimate the site value through sales comparison, allocation, or extraction.	VA_Guidelines.txt
f568144a-ac19-4a49-b112-71806e2375fd	If the cost approach is not completed, a site value must not be provided. 11-23 11-23 VA Pamphlet 26-7, Revised Chapter 11: Appraisal Report 16. Income Approach Change Date February 22, 2019 • This Chapter has been revised in its entirety. a.	VA_Guidelines.txt
a320d47c-31c6-49aa-bdd7-ce8044555996	Residential If appraising a residential income property with two to four units, the Income appraiser must prepare the appraisal on the Freddie Mac Form 72/ Fannie Mae Properties Form 1025, Small Residential Income Property Appraisal Report, which includes an income approach b. Other VA does not require an income approach on any other property types.	VA_Guidelines.txt
cf38fe6d-800a-46b5-8de0-1aa2240b3efb	Property Types 11-24 VA Pamphlet 26-7, Revised Chapter 11: Appraisal Report 17. Final Reconciliation Change Date February 22, 2019 • This Chapter has been revised in its entirety. a. Approaches In the final reconciliation on the appraisal report the appraiser will evaluate to Value and summarize the approaches to value which were included in the appraisal Considered report. b.	VA_Guidelines.txt
68939fc4-b200-4264-8ea9-cb4b71314e00	Market On appraisals prepared for VA, the market approach will likely reflect the Approach appraiser’s final estimate of value since VA does not require a cost approach and an income approach is only required on two to four unit properties. 11-25 VA Pamphlet 26-7, Revised Chapter 11: Appraisal Report 18.	VA_Guidelines.txt
f9b4e561-b883-4c18-9661-6bf1406005a9	Appraisal Conditions Change Date February 22, 2019 • This Chapter has been revised in its entirety. a. As-is The appraisal will be prepared “as-is” if: • the appraiser finds that the property meets MPRs on origination appraisals, or • the assignment is a liquidation appraisal (see Topic 20 of this Chapter). b.	VA_Guidelines.txt
3fab8d2e-be63-4c44-b4ef-8b1335b7dd73	Subject to The appraisal will be prepared “subject to the following repairs or alterations Repairs on the basis of a hypothetical condition that the repairs or alterations have been completed” if: • on an origination appraisal, the appraiser recommends that repairs be completed for the property to meet MPRs, • customer preference items must be completed on a new construction property, or •	VA_Guidelines.txt
7fac0ee8-b221-42c4-a1c2-59f9ab17efaa	be completed on a new construction property, or • alterations are being made to the property	VA_Guidelines.txt
c5e38aed-7eaa-454e-8ecc-f463684a66eb	. c.	VA_Guidelines.txt
f7759d78-bd88-4f5c-9a43-7d10e1976163	Subject to Proposed construction properties will be appraised “subject to completion per Completion plans and specifications.” d. Recommend When an appraiser observes an item that does not meet VA MPRs, the Repairs, Not appraiser must recommend a repair, not an inspection. Inspections 11-26 VA Pamphlet 26-7, Revised Chapter 11: Appraisal Report 19.	VA_Guidelines.txt
2271cd55-42ac-497c-a6ef-23ca1e323fda	Appraiser Training a New Appraiser Change Date February 22, 2019 • This Chapter has been revised in its entirety. a. Training for VA understands the importance of appraisers providing training to new New Appraisers appraisers and is supportive of appraisers who are dedicating their time to training others who are pursuing a career as an appraiser. b.	VA_Guidelines.txt
cfb597cf-8ee0-4196-a102-07b5f92d5e34	Visiting Trainees may accompany the VA-assigned appraiser when visiting the Properties property. c. Assistance A trainee or another appraiser may assist in any part of the appraisal yet the From Trainee analysis establishing value must be performed by the VA-assigned fee appraiser.	VA_Guidelines.txt
36a9200b-6bda-495a-8bd5-87cffbea725c	The appraiser must select the comparable sales, perform all critical analyses contained in the appraisal report, and prepare the Market Conditions Addendum. d.	VA_Guidelines.txt
09eeca37-98b5-4076-a10a-710e4d846838	Reporting If a trainee or another appraiser provided assistance or participated in the Trainee’s Name preparation of the appraisal, the appraiser must provide the name of the and Work trainee or appraiser in the report and describe their role in developing the Performed appraisal.	VA_Guidelines.txt
1d9f1bdd-38ac-4e1f-bba7-783e1ca4f90f	Only the VA-assigned fee appraiser may sign the appraisal report. 11-27 VA Pamphlet 26-7, Revised Chapter 11: Appraisal Report 20. Liquidation Appraisals Change Date February 22, 2019 • This Chapter has been revised in its entirety. a.	VA_Guidelines.txt
618b65b2-6116-4930-a246-f5b4cf0beaeb	Requested by When a VA-guaranteed loan is in default, a liquidation appraisal should be the Servicer requested by the servicer no later than 30 days prior to the estimated or scheduled sale date. b. Timeliness The timeliness requirement for liquidation appraisals is 5 business days (see Standard Chapter 10, Section 7 of this handbook). c.	VA_Guidelines.txt
0465776f-aeaf-4566-ab42-cf92d870b4ce	Servicer to Servicers are required to assist the appraiser in obtaining access to the interior Assist of the property and should provide: Appraiser in Obtaining • for occupied properties, the name and telephone number of the current Access to the or last known occupant, or Property • for vacant properties, the location of the keys to the property or contact information for a person who can	VA_Guidelines.txt
921f09c1-a69c-4e26-ac8c-88fc82345d24	or contact information for a person who can promptly provide the appraiser with access to the interior of the property	VA_Guidelines.txt
c67c700d-48b0-42c5-b9f7-d2b818ab2cdc	. d.	VA_Guidelines.txt
ba9c398c-71ed-4253-add4-3ab2e4a61160	Occupied If the property is occupied, the appraiser must gain access to the interior, Property unless: Access Attempts • the owner or occupant has permanently refused the appraiser’s request for access, • the appraiser considers access to present a legitimate hazard, • at least one attempt to visit the property and two or more calls, on different days and times to increase the likelihood of	VA_Guidelines.txt
e7438fc7-08bd-4764-9ebe-c118ed817edc	days and times to increase the likelihood of reaching the occupant, have not resulted in access, or • the appraiser has made three appointments, all of which have been broken	VA_Guidelines.txt
ef2f29ae-802a-4d7e-a555-eb3042728ba8	.	VA_Guidelines.txt
aaaddb4a-f579-49be-90eb-115f8aa8eb5b	Continued on next page 11-28 VA Pamphlet 26-7, Revised Chapter 11: Appraisal Report 20. Liquidation Appraisals Change Date February 22, 2019 • This Chapter has been revised in its entirety. a. Requested by When a VA-guaranteed loan is in default, a liquidation appraisal should be the Servicer requested by the servicer no later than 30 days prior to the estimated or scheduled sale date. b.	VA_Guidelines.txt
fa72aac6-99ba-487a-b62e-fcfdcaaec617	Timeliness The timeliness requirement for liquidation appraisals is 5 business days (see Standard Chapter 10, Section 7 of this handbook). c.	VA_Guidelines.txt
150d162b-0308-4e33-9213-60b7f1de5b73	Servicer to Servicers are required to assist the appraiser in obtaining access to the interior Assist of the property and should provide: Appraiser in Obtaining • for occupied properties, the name and telephone number of the current Access to the or last known occupant, or Property • for vacant properties, the location of the keys to the property or contact information for a person who can	VA_Guidelines.txt
7ad6bc57-020b-47ac-a31c-e48dfbddbe41	or contact information for a person who can promptly provide the appraiser with access to the interior of the property	VA_Guidelines.txt
eefce499-7d39-4be7-a784-702e8e8b8e0c	. d.	VA_Guidelines.txt
7d3e9498-cb8a-4ab8-a6c3-a2494707aada	Occupied If the property is occupied, the appraiser must gain access to the interior, Property unless: Access Attempts • the owner or occupant has permanently refused the appraiser’s request for access, • the appraiser considers access to present a legitimate hazard, • at least one attempt to visit the property and two or more calls, on different days and times to increase the likelihood of	VA_Guidelines.txt
c6fc5aca-af39-4b74-9c03-84ff92a0f348	days and times to increase the likelihood of reaching the occupant, have not resulted in access, or • the appraiser has made three appointments, all of which have been broken	VA_Guidelines.txt
84015462-0894-4545-b57f-66806e573387	.	VA_Guidelines.txt
620d0347-9785-4579-affe-e5a9423becb5	Continued on next page 11-28 VA Pamphlet 26-7, Revised Chapter 11: Appraisal Report 20. Liquidation Appraisals, continued e.	VA_Guidelines.txt
4e3623a6-2ac8-42b3-8852-bf8ce45d24e8	Vacant If the property is vacant, the appraiser must gain access to the interior, unless: Property Access • jurisdictional law prohibits the lender from gaining or assisting in Attempts gaining access to the property, and the RLC has waived such access, • on a case-by-case basis, the RLC has waived access after considering other valid extenuating circumstances (such as, the owner’s personal	VA_Guidelines.txt
131451c2-f094-4c53-9235-d904c81eccc4	circumstances (such as, the owner’s personal effects remain in a vacant property causing legitimate concern about exposure to litigation), or • the RLC has approved a request to waive the servicer’s responsibility to assist the appraiser in obtaining access	VA_Guidelines.txt
4e871c43-4906-44f7-8cea-fd6463d9935e	. f.	VA_Guidelines.txt
1ddeed27-05cb-41a7-86f9-407a7c5744df	Requirements If interior access is not gained, the appraiser must: if No Access Gained • make reasonable efforts to verify the interior condition by the best available means, for example, information from listings of the property on the market, or property assessment records, and • make reasonable assumptions about the interior condition as well as any potential MPR and cosmetic repairs. g.	VA_Guidelines.txt
18ad15e4-3c76-444d-a80e-1f690daf71a6	No Borrower Since there is no borrower on a liquidation appraisal, the appraiser must insert to be Named on “n/a” in the “Borrower” field. the Appraisal Continued on next page 11-29 VA Pamphlet 26-7, Revised Chapter 11: Appraisal Report 20. Liquidation Appraisals, continued e.	VA_Guidelines.txt
87ad6c7c-b089-45d1-a756-51cc53ddea80	Vacant If the property is vacant, the appraiser must gain access to the interior, unless: Property Access • jurisdictional law prohibits the lender from gaining or assisting in Attempts gaining access to the property, and the RLC has waived such access, • on a case-by-case basis, the RLC has waived access after considering other valid extenuating circumstances (such as, the owner’s personal	VA_Guidelines.txt
e14aa32d-d4d7-4cdb-9fad-aa614034854a	circumstances (such as, the owner’s personal effects remain in a vacant property causing legitimate concern about exposure to litigation), or • the RLC has approved a request to waive the servicer’s responsibility to assist the appraiser in obtaining access	VA_Guidelines.txt
7106496c-01e3-4a16-b005-c14321e8fab1	. f.	VA_Guidelines.txt
ff24206f-0ddd-4c73-a8c4-ce42ac5b0d98	Requirements If interior access is not gained, the appraiser must: if No Access Gained • make reasonable efforts to verify the interior condition by the best available means, for example, information from listings of the property on the market, or property assessment records, and • make reasonable assumptions about the interior condition as well as any potential MPR and cosmetic repairs. g.	VA_Guidelines.txt
dc265cbe-c014-4d65-981b-102ef3d68d27	No Borrower Since there is no borrower on a liquidation appraisal, the appraiser must insert to be Named on “n/a” in the “Borrower” field. the Appraisal Continued on next page 11-29 VA Pamphlet 26-7, Revised Chapter 11: Appraisal Report 20. Liquidation Appraisals, continued h.	VA_Guidelines.txt
9d876640-eff0-448f-9992-c29a19bb5122	Liquidation Appraisals, continued h. As-is value The fee appraiser’s value estimate for all liquidation appraisals will be for the subject property in its “as is” condition. VA liquidation appraisals are prepared under the same definition of market value as origination appraisals, not a discounted or forced sale value.	VA_Guidelines.txt
5df31813-e6a6-4bce-95d0-c4ec2536e1e9	Consequently, a property which needs no repairs should appraise for the same value on a liquidation appraisal and an origination appraisal. i.	VA_Guidelines.txt
df73cf24-af19-4044-90cb-ab810e9d0f8c	Liquidation An addendum to the liquidation appraisal must be provided with the following Addendum information: • whether the property is occupied or vacant, • whether or not access to the interior was gained, • if access was not gained, details of attempts to gain access must be provided in accordance with item d or e above, • if the property is vacant, whether or not the property was secure, •	VA_Guidelines.txt
ca4cf0c7-78ae-4c66-9212-6d974062893d	vacant, whether or not the property was secure, • any repairs urgently needed, such as securing the dwelling or securing a swimming pool, • information about three current listings or pending sales, including the length of time on the market, the current listing price, any known price changes, and a short statement describing how each property compares to the subject property, and • an itemized	VA_Guidelines.txt
b90cdd5c-13d5-4298-b340-fa69f117251a	to the subject property, and • an itemized list of any MPR repair items and any cosmetic items that affect the marketability of the property, with the estimated cost and the estimated contributory value of each item	VA_Guidelines.txt
02601365-7e6c-40b6-8104-6ab9fc61e57a	.	VA_Guidelines.txt
be18d8e7-a8eb-4a0c-b96d-a924fd673459	The total contributory value of all repairs listed should be considered by the appraiser when making condition adjustments on the market data grid since liquidation appraisals are completed “as is”. 11-30 VA Pamphlet 26-7, Revised Chapter 11: Appraisal Report 21. Partial Release Appraisals Change Date February 22, 2019 • This Chapter has been revised in its entirety. a.	VA_Guidelines.txt
dd02cad3-4655-431e-bc77-62d47af161c6	Partial When an appraisal is needed in order to review a request for a partial release Release of security, VA will assign the appraiser. The servicer of the VA loan must Appraisal e-mail a request for an appraisal for a partial release of security to the RLC of Request jurisdiction.	VA_Guidelines.txt
fa5f09df-9abf-4804-8da3-90cf77672ffe	Neither VA Form 26-1805, Request for Determination of Reasonable Value, nor WebLGY will be used to request a partial release appraisal.	VA_Guidelines.txt
f1d8010a-2449-474d-ba33-6f3358a53f33	The request must include the following information: • Name and address of the servicer, • E-mail address of the servicer, • VA case number (remains the same from origination of loan), • Property address, • Name of the property owner and contact number for property access, • Plot plan or survey of the property showing the proposed partition, • Identification of the parcel to remain after partial	VA_Guidelines.txt
83ee884d-e8e8-4a95-bb4c-2d86ec9140d7	of the parcel to remain after partial release is completed, • Legal description for each parcel, • Reason for the release of the property (for example, sale, public taking, designation as conservation site), and • Confirmation that the appraisal fee will be paid to the VA-assigned appraiser upon completion of the appraisal report and submission of an invoice	VA_Guidelines.txt
868f636a-3115-4575-9662-f4be0d542a1b	. b.	VA_Guidelines.txt
259ed9d8-b3f6-43a0-8f33-455b65e59656	Appraisal The fee for an appraisal for partial release of security purposes is not fixed Fee and could vary from the typical origination appraisal fee. The appraisal fee will be established by VA, on a case-by-case basis, after consulting with the appraiser. Continued on next page 11-31 Continued from previous page 11-31 VA Pamphlet 26-7, Revised Chapter 11: Appraisal Report 21.	VA_Guidelines.txt
b58920a6-edc5-4344-a730-9ceb14771d22	Partial Release Appraisals, continued c. Assignment The RLC of jurisdiction will assign a VA fee panel appraiser (outside of of Appraiser WebLGY) to complete the appraisal and will provide instructions for completion and a copy of the information listed above. d.	VA_Guidelines.txt
0697b0c2-869b-409e-b6d5-d3f857f768d2	Values to be The following market value estimates will be provided in the appraisal report: Provided • the entire property prior to the release, and • the property which will remain as security of the loan after the release. e. Submitting The appraiser will e-mail the appraisal invoice and the completed appraisal Appraisal and report to the RLC. The appraisal report will be reviewed by VA staff.	VA_Guidelines.txt
5040a46b-3c53-49bb-8e6b-916261981dc2	The Invoice invoice, a copy of the appraisal, and a memorandum containing estimates of the value of the property prior to the partial release of the security and the value of the property on which the lien will remain will be emailed to the servicer and a copy provided to the Loan Administration Officer (LAO) at the RLC. 11-32 VA Pamphlet 26-7, Revised Chapter 11: Appraisal Report 22.	VA_Guidelines.txt
ea031e72-4cb0-4adf-ab9b-d7643d5dba20	Vacant Land Appraisals Change Date February 22, 2019 • This Chapter has been revised in its entirety. a. Liquidation A vacant land appraisal may be needed for a liquidation appraisal if there are Appraisals no improvements on the land or if the improvements have no contributory value. b.	VA_Guidelines.txt

1595da8d-c164-4d2d-962a-e12cd7c9d983

In the Condominium Appraisal Report, the appraiser will: • indicate which utilities are included in the monthly homeowners association fee, • comment on the adequacy of the monthly assessment, based upon the appraiser’s opinion of the adequacy of the project’s budget and a comparison to similar condominium developments, • recommend a fair assessment if the current assessment is considered

VA_Guidelines.txt

127c9ace-6fbc-483c-8a66-8fa312a1d6d4

if the current assessment is considered inadequate, and • report any known pending litigation involving the subject condominium development or its homeowners association

VA_Guidelines.txt

ebe2333c-9960-4af0-8f32-9c3cc162e650

. j.

VA_Guidelines.txt

064fcabf-6f66-4a6a-a447-73cc8cb106d6

Pre-sale For new condominium developments, a pre-sale requirement of 70 percent Requirement must be included on the NOV and satisfied prior to VA loan guaranty. k. Wood- A wood-destroying insect inspection is not required on units in low-rise or destroying high-rise condominiums (units are stacked vertically), unless the appraiser Insect Reports notes a potential infestation problem.

VA_Guidelines.txt

66c48d32-47f0-4372-9751-0a4c9ce464da

For site condominiums and villa/townhome style condominiums where units are side by side, located in a “very heavy” or “moderate to heavy” zone, a wood-destroying insect inspection must be required on the NOV unless evidence of a treatment guarantee has been provided by the homeowners association. 11-18 VA Pamphlet 26-7, Revised Chapter 11: Appraisal Report 13.

VA_Guidelines.txt

0bf0a376-24fe-41df-bafa-28253c6bbf8d

Uniform Appraisal Dataset (UAD) Change Date February 22, 2019 • This Chapter has been revised in its entirety. a. Definition The UAD improves the quality and consistency of appraisal data by defining all fields required on specific appraisal forms and standardizes definitions and responses for a key subset of fields.

VA_Guidelines.txt

d2e57b71-ecf7-45fe-8121-3c5d22f4ad58

Regardless of the geographic location of the property or any localized reporting conventions, the UAD standardization includes: • Formats for fields that include dates, values, and other data, • Allowable values from a list of choices provided for certain fields, • Abbreviations to allow more information to fit on printed appraisal forms, and • Ratings and definitions for the “Condition” and

VA_Guidelines.txt

540f0e73-e79a-4ac4-9ab9-3fc913f87e73

• Ratings and definitions for the “Condition” and “Quality” of the property and “Updated/Remodeled” status

VA_Guidelines.txt

0e028673-b03c-4bcc-a4cb-66f9f82642aa

. b.

VA_Guidelines.txt

646b31b6-eaf0-47d3-9845-9e2b0c9bb56e

UAD- Appraisals prepared on Fannie Mae Forms 1004, 1073, 1075 or 2055 must be Compliant UAD-compliant and must include the definitions for the property condition Forms and quality ratings and the property description abbreviations used. c. VA Requires While the UAD may allow for the use of pending sales in the sales Closed Sales comparison grid, VA requires that only closed sales be used. d.

VA_Guidelines.txt

aff5932c-82e0-4ae9-aca9-93746c286b42

Remodeling UAD requires appraisers to provide specific information regarding Information remodeling in the past 15 years. VA expects fee appraisers to recognize and describe remodeling or updating and to make appropriate adjustments.

VA_Guidelines.txt

59edcac2-d2a7-40d9-b269-6fb5f0553264

Fee appraisers should also report UAD information concerning the remodeling if it is available in the “normal course of business” within VA timeliness requirements for completion of the appraisal. e.

VA_Guidelines.txt

cdfb5f96-77eb-4bdb-a9ce-2bac0ce3c86d

UAD Since origination appraisals are prepared “subject to” any repairs needed for Condition the property to meet MPRs, UAD condition ratings of C5 and C6 are not Ratings appropriate. 11-19 VA Pamphlet 26-7, Revised Chapter 11: Appraisal Report 14. Sales Comparison Approach Change Date February 22, 2019 • This Chapter has been revised in its entirety. a.

VA_Guidelines.txt

13a68175-bea9-4c9c-8a42-d31723041f09

Comparable The appraiser must include, at a minimum, three closed sales which the Sale Selection appraiser believes are the best available sales and provide comments to support the selection, when appropriate. Comparable sales should be selected based on similar locational and physical characteristics, not sales price.

VA_Guidelines.txt

e581c5db-cd71-4e4e-b5df-52122c150d51

Recent sales in the same established subdivision, condominium or PUD are typically the best indicators of value. The sales should be similar to the subject property to the extent that the sales would be competing properties if they were on the market at the same time as the subject property. b.

VA_Guidelines.txt

7b08310b-2cfb-4e48-886e-7c4477f8b3d0

Comments The appraiser should provide comments when adjustments are made for Explaining points of comparison that are not self-explanatory or when large adjustments Adjustments are made. Providing detailed commentary about the market and comparable selection may reduce the number of requests for revisions of appraisals. c.

VA_Guidelines.txt

1c2313f9-4210-47a2-9488-be8b6c081d68

Limited Sales If the sales data from the market area is limited, the appraiser must provide the Data best information available and comments with the appraiser’s professional opinion about the market, any reasons for the lack of sales data, and the various differences between the subject and the comparable sales. d.

VA_Guidelines.txt

822a2953-eafe-4bcf-a4b3-5ceb089e99e6

Distance of VA does not set minimum or maximum distance requirements between the Comparable subject and comparable sale properties. In suburban or rural communities, the Sales market areas may be greatly expanded and suitable comparable sales may be many miles away from the subject.

VA_Guidelines.txt

6d7602f9-0f24-4e00-9fb0-56eb3d5df1da

In such cases, the appraiser should specify why those comparable sales were used and how they compare with the subject. e. Sales of REO The appraiser may use sales of Real Estate Owned (REO) properties or short Properties sales if transactions of this nature are prevalent in the market.

VA_Guidelines.txt

62dd7a39-2956-4acc-8a8b-10d96695969e

A transaction involving a foreclosure transfer to a mortgage servicer is not evidence of market value and must not be considered as a comparable sale. Continued on next page 11-20 VA Pamphlet 26-7, Revised Chapter 11: Appraisal Report 14. Sales Comparison Approach Change Date February 22, 2019 • This Chapter has been revised in its entirety. a.

VA_Guidelines.txt

35d519e3-9fb2-47e5-9a03-c54219466ac6

Comparable The appraiser must include, at a minimum, three closed sales which the Sale Selection appraiser believes are the best available sales and provide comments to support the selection, when appropriate. Comparable sales should be selected based on similar locational and physical characteristics, not sales price.

VA_Guidelines.txt

22ed3a05-6c08-4ac6-bc70-c79215b26e61

Recent sales in the same established subdivision, condominium or PUD are typically the best indicators of value. The sales should be similar to the subject property to the extent that the sales would be competing properties if they were on the market at the same time as the subject property. b.

VA_Guidelines.txt

c31ac017-622c-4a04-8bac-00f12e764606

Comments The appraiser should provide comments when adjustments are made for Explaining points of comparison that are not self-explanatory or when large adjustments Adjustments are made. Providing detailed commentary about the market and comparable selection may reduce the number of requests for revisions of appraisals. c.

VA_Guidelines.txt

08042c7e-a1dc-483f-ba44-3d9c9beb7b52

Limited Sales If the sales data from the market area is limited, the appraiser must provide the Data best information available and comments with the appraiser’s professional opinion about the market, any reasons for the lack of sales data, and the various differences between the subject and the comparable sales. d.

VA_Guidelines.txt

60066ff8-c3de-43e0-b20a-4bf2b383b38e

Distance of VA does not set minimum or maximum distance requirements between the Comparable subject and comparable sale properties. In suburban or rural communities, the Sales market areas may be greatly expanded and suitable comparable sales may be many miles away from the subject.

VA_Guidelines.txt

fec6c058-c191-4ab4-901c-c5bc570561d9

In such cases, the appraiser should specify why those comparable sales were used and how they compare with the subject. e. Sales of REO The appraiser may use sales of Real Estate Owned (REO) properties or short Properties sales if transactions of this nature are prevalent in the market.

VA_Guidelines.txt

2862a878-cf54-4019-a247-a83d247175d8

A transaction involving a foreclosure transfer to a mortgage servicer is not evidence of market value and must not be considered as a comparable sale. Continued on next page 11-20 VA Pamphlet 26-7, Revised Chapter 11: Appraisal Report 14. Sales Comparison Approach, continued f.

VA_Guidelines.txt

f518c306-9472-4595-a28f-096b50e3e22e

Sales Comparison Approach, continued f. Sales From If the property is in a new subdivision or condominium, the appraiser should Competing include, if available for comparison, properties constructed by a competing Developments builder in the subject market area as well as properties within the subject subdivision or condominium. g.

VA_Guidelines.txt

e890aaed-c530-4766-8509-794b1c541040

Market- All adjustments on the market data grid should be market-derived, based on derived the amount the appraiser estimates a typical buyer would pay for the item in Adjustments the market. Adjustments reflect contributory value in the market, which does not necessarily equal the cost of an item. h. Sales Sales concessions typically include financing incentives or non-realty items.

VA_Guidelines.txt

a1902eba-ce93-443f-8d1c-6bcfd35c84ce

Concessions As all adjustments must be market-derived, the adjustment should reflect the difference between the sales price with the sales concessions, and what the property would have sold for without the concessions under typical market conditions.

VA_Guidelines.txt

b64440b4-32dd-4843-9b94-11f2d2562332

The sales concessions on the comparable properties are adjusted to typical market expectations, not to the specific terms or conditions of the sale of the subject. Any concession adjustments must be downward adjustments as positive adjustments for sales concessions are not acceptable. i. Recent Sales Comparable sales should reflect the most recent activity in the market.

VA_Guidelines.txt

c754d16d-ce57-4221-8506-a18055e6c438

Comparable sales are preferably sales that have taken place within the last 6 months, and generally sales that are not more than 12-months old, unless explained by the appraiser. Continued on next page 11-21 VA Pamphlet 26-7, Revised Chapter 11: Appraisal Report 14. Sales Comparison Approach, continued f.

VA_Guidelines.txt

bad110a2-fb34-42d6-a6e2-88bf969a0da5

Sales Comparison Approach, continued f. Sales From If the property is in a new subdivision or condominium, the appraiser should Competing include, if available for comparison, properties constructed by a competing Developments builder in the subject market area as well as properties within the subject subdivision or condominium. g.

VA_Guidelines.txt

3e1c947a-afe6-4cba-a9e4-d4d9eb3adda8

Market- All adjustments on the market data grid should be market-derived, based on derived the amount the appraiser estimates a typical buyer would pay for the item in Adjustments the market. Adjustments reflect contributory value in the market, which does not necessarily equal the cost of an item. h. Sales Sales concessions typically include financing incentives or non-realty items.

VA_Guidelines.txt

45b48ca8-ee99-4276-bcfc-155129a7e933

Concessions As all adjustments must be market-derived, the adjustment should reflect the difference between the sales price with the sales concessions, and what the property would have sold for without the concessions under typical market conditions.

VA_Guidelines.txt

b4510817-6e22-42c8-aefe-bb71e7bc7939

The sales concessions on the comparable properties are adjusted to typical market expectations, not to the specific terms or conditions of the sale of the subject. Any concession adjustments must be downward adjustments as positive adjustments for sales concessions are not acceptable. i. Recent Sales Comparable sales should reflect the most recent activity in the market.

VA_Guidelines.txt

6c8615be-4fe4-4710-bfc2-7440b5428363

Comparable sales are preferably sales that have taken place within the last 6 months, and generally sales that are not more than 12-months old, unless explained by the appraiser. Continued on next page 11-21 VA Pamphlet 26-7, Revised Chapter 11: Appraisal Report 14. Sales Comparison Approach, continued j.

VA_Guidelines.txt

97f63235-21a0-4dd8-8b4b-295ae1574a5e

Sales Comparison Approach, continued j. Time Market condition (time) adjustments are made to reflect value changes in the Adjustments market between the date of the contract for the comparable sale and the effective date of the appraisal. The appraiser must provide comments about current market trends to support any time adjustments.

VA_Guidelines.txt

ca60e4f8-e877-4af4-b54a-5c4001db3c6c

In an increasing market, positive market condition adjustments should be made if there is evidence, based on a thorough analysis of specific market trends, of increasing prices, a shortage of homes for sale, or decreasing marketing times.

VA_Guidelines.txt

19758182-1104-47ec-b4ef-1d646e8195a2

In a declining market, negative market condition adjustments should be made if there is evidence of a decline in prices, an oversupply, or extended marketing times. k.

VA_Guidelines.txt

9be7cba6-1576-457c-9841-e24dc74c8405

Condition Since VA appraisals must be prepared “subject to” the completion of any Adjustments repairs needed in order for the property to meet VA’s MPRs (see Chapter 12 of this handbook), the condition for the subject property compared with the comparable sales on the market data grid should reflect the condition with the repair items completed

VA_Guidelines.txt

c232a080-5309-4ce2-a2c7-3d0f06c51880

. 11-22 VA Pamphlet 26-7, Revised Chapter 11: Appraisal Report 15.

VA_Guidelines.txt

a817e9e2-17a4-4627-9967-0da62c1b765d

Cost Approach Change Date February 22, 2019 • This Chapter has been revised in its entirety. a. Not Required The cost approach is not required for VA purposes, but may be completed to by VA supplement the indicated value in the sales comparison approach. b. Site Value If the cost approach is provided, the appraiser must estimate the site value through sales comparison, allocation, or extraction.

VA_Guidelines.txt

f568144a-ac19-4a49-b112-71806e2375fd

If the cost approach is not completed, a site value must not be provided. 11-23 11-23 VA Pamphlet 26-7, Revised Chapter 11: Appraisal Report 16. Income Approach Change Date February 22, 2019 • This Chapter has been revised in its entirety. a.

VA_Guidelines.txt

a320d47c-31c6-49aa-bdd7-ce8044555996

Residential If appraising a residential income property with two to four units, the Income appraiser must prepare the appraisal on the Freddie Mac Form 72/ Fannie Mae Properties Form 1025, Small Residential Income Property Appraisal Report, which includes an income approach b. Other VA does not require an income approach on any other property types.

VA_Guidelines.txt

cf38fe6d-800a-46b5-8de0-1aa2240b3efb

Property Types 11-24 VA Pamphlet 26-7, Revised Chapter 11: Appraisal Report 17. Final Reconciliation Change Date February 22, 2019 • This Chapter has been revised in its entirety. a. Approaches In the final reconciliation on the appraisal report the appraiser will evaluate to Value and summarize the approaches to value which were included in the appraisal Considered report. b.

VA_Guidelines.txt

68939fc4-b200-4264-8ea9-cb4b71314e00

Market On appraisals prepared for VA, the market approach will likely reflect the Approach appraiser’s final estimate of value since VA does not require a cost approach and an income approach is only required on two to four unit properties. 11-25 VA Pamphlet 26-7, Revised Chapter 11: Appraisal Report 18.

VA_Guidelines.txt

f9b4e561-b883-4c18-9661-6bf1406005a9

Appraisal Conditions Change Date February 22, 2019 • This Chapter has been revised in its entirety. a. As-is The appraisal will be prepared “as-is” if: • the appraiser finds that the property meets MPRs on origination appraisals, or • the assignment is a liquidation appraisal (see Topic 20 of this Chapter). b.

VA_Guidelines.txt

3fab8d2e-be63-4c44-b4ef-8b1335b7dd73

Subject to The appraisal will be prepared “subject to the following repairs or alterations Repairs on the basis of a hypothetical condition that the repairs or alterations have been completed” if: • on an origination appraisal, the appraiser recommends that repairs be completed for the property to meet MPRs, • customer preference items must be completed on a new construction property, or •

VA_Guidelines.txt

7fac0ee8-b221-42c4-a1c2-59f9ab17efaa

be completed on a new construction property, or • alterations are being made to the property

VA_Guidelines.txt

c5e38aed-7eaa-454e-8ecc-f463684a66eb

. c.

VA_Guidelines.txt

f7759d78-bd88-4f5c-9a43-7d10e1976163

Subject to Proposed construction properties will be appraised “subject to completion per Completion plans and specifications.” d. Recommend When an appraiser observes an item that does not meet VA MPRs, the Repairs, Not appraiser must recommend a repair, not an inspection. Inspections 11-26 VA Pamphlet 26-7, Revised Chapter 11: Appraisal Report 19.

VA_Guidelines.txt

2271cd55-42ac-497c-a6ef-23ca1e323fda

Appraiser Training a New Appraiser Change Date February 22, 2019 • This Chapter has been revised in its entirety. a. Training for VA understands the importance of appraisers providing training to new New Appraisers appraisers and is supportive of appraisers who are dedicating their time to training others who are pursuing a career as an appraiser. b.

VA_Guidelines.txt

cfb597cf-8ee0-4196-a102-07b5f92d5e34

Visiting Trainees may accompany the VA-assigned appraiser when visiting the Properties property. c. Assistance A trainee or another appraiser may assist in any part of the appraisal yet the From Trainee analysis establishing value must be performed by the VA-assigned fee appraiser.

VA_Guidelines.txt

36a9200b-6bda-495a-8bd5-87cffbea725c

The appraiser must select the comparable sales, perform all critical analyses contained in the appraisal report, and prepare the Market Conditions Addendum. d.

VA_Guidelines.txt

09eeca37-98b5-4076-a10a-710e4d846838

Reporting If a trainee or another appraiser provided assistance or participated in the Trainee’s Name preparation of the appraisal, the appraiser must provide the name of the and Work trainee or appraiser in the report and describe their role in developing the Performed appraisal.

VA_Guidelines.txt

1d9f1bdd-38ac-4e1f-bba7-783e1ca4f90f

Only the VA-assigned fee appraiser may sign the appraisal report. 11-27 VA Pamphlet 26-7, Revised Chapter 11: Appraisal Report 20. Liquidation Appraisals Change Date February 22, 2019 • This Chapter has been revised in its entirety. a.

VA_Guidelines.txt

618b65b2-6116-4930-a246-f5b4cf0beaeb

Requested by When a VA-guaranteed loan is in default, a liquidation appraisal should be the Servicer requested by the servicer no later than 30 days prior to the estimated or scheduled sale date. b. Timeliness The timeliness requirement for liquidation appraisals is 5 business days (see Standard Chapter 10, Section 7 of this handbook). c.

VA_Guidelines.txt

0465776f-aeaf-4566-ab42-cf92d870b4ce

Servicer to Servicers are required to assist the appraiser in obtaining access to the interior Assist of the property and should provide: Appraiser in Obtaining • for occupied properties, the name and telephone number of the current Access to the or last known occupant, or Property • for vacant properties, the location of the keys to the property or contact information for a person who can

VA_Guidelines.txt

921f09c1-a69c-4e26-ac8c-88fc82345d24

or contact information for a person who can promptly provide the appraiser with access to the interior of the property

VA_Guidelines.txt

c67c700d-48b0-42c5-b9f7-d2b818ab2cdc

. d.

VA_Guidelines.txt

ba9c398c-71ed-4253-add4-3ab2e4a61160

Occupied If the property is occupied, the appraiser must gain access to the interior, Property unless: Access Attempts • the owner or occupant has permanently refused the appraiser’s request for access, • the appraiser considers access to present a legitimate hazard, • at least one attempt to visit the property and two or more calls, on different days and times to increase the likelihood of

VA_Guidelines.txt

e7438fc7-08bd-4764-9ebe-c118ed817edc

days and times to increase the likelihood of reaching the occupant, have not resulted in access, or • the appraiser has made three appointments, all of which have been broken

VA_Guidelines.txt

ef2f29ae-802a-4d7e-a555-eb3042728ba8

.

VA_Guidelines.txt

aaaddb4a-f579-49be-90eb-115f8aa8eb5b

Continued on next page 11-28 VA Pamphlet 26-7, Revised Chapter 11: Appraisal Report 20. Liquidation Appraisals Change Date February 22, 2019 • This Chapter has been revised in its entirety. a. Requested by When a VA-guaranteed loan is in default, a liquidation appraisal should be the Servicer requested by the servicer no later than 30 days prior to the estimated or scheduled sale date. b.

VA_Guidelines.txt

fa72aac6-99ba-487a-b62e-fcfdcaaec617

Timeliness The timeliness requirement for liquidation appraisals is 5 business days (see Standard Chapter 10, Section 7 of this handbook). c.

VA_Guidelines.txt

150d162b-0308-4e33-9213-60b7f1de5b73

Servicer to Servicers are required to assist the appraiser in obtaining access to the interior Assist of the property and should provide: Appraiser in Obtaining • for occupied properties, the name and telephone number of the current Access to the or last known occupant, or Property • for vacant properties, the location of the keys to the property or contact information for a person who can

VA_Guidelines.txt

7ad6bc57-020b-47ac-a31c-e48dfbddbe41

or contact information for a person who can promptly provide the appraiser with access to the interior of the property

VA_Guidelines.txt

eefce499-7d39-4be7-a784-702e8e8b8e0c

. d.

VA_Guidelines.txt

7d3e9498-cb8a-4ab8-a6c3-a2494707aada

Occupied If the property is occupied, the appraiser must gain access to the interior, Property unless: Access Attempts • the owner or occupant has permanently refused the appraiser’s request for access, • the appraiser considers access to present a legitimate hazard, • at least one attempt to visit the property and two or more calls, on different days and times to increase the likelihood of

VA_Guidelines.txt

c6fc5aca-af39-4b74-9c03-84ff92a0f348

days and times to increase the likelihood of reaching the occupant, have not resulted in access, or • the appraiser has made three appointments, all of which have been broken

VA_Guidelines.txt

84015462-0894-4545-b57f-66806e573387

.

VA_Guidelines.txt

620d0347-9785-4579-affe-e5a9423becb5

Continued on next page 11-28 VA Pamphlet 26-7, Revised Chapter 11: Appraisal Report 20. Liquidation Appraisals, continued e.

VA_Guidelines.txt

4e3623a6-2ac8-42b3-8852-bf8ce45d24e8

Vacant If the property is vacant, the appraiser must gain access to the interior, unless: Property Access • jurisdictional law prohibits the lender from gaining or assisting in Attempts gaining access to the property, and the RLC has waived such access, • on a case-by-case basis, the RLC has waived access after considering other valid extenuating circumstances (such as, the owner’s personal

VA_Guidelines.txt

131451c2-f094-4c53-9235-d904c81eccc4

circumstances (such as, the owner’s personal effects remain in a vacant property causing legitimate concern about exposure to litigation), or • the RLC has approved a request to waive the servicer’s responsibility to assist the appraiser in obtaining access

VA_Guidelines.txt

4e871c43-4906-44f7-8cea-fd6463d9935e

. f.

VA_Guidelines.txt

1ddeed27-05cb-41a7-86f9-407a7c5744df

Requirements If interior access is not gained, the appraiser must: if No Access Gained • make reasonable efforts to verify the interior condition by the best available means, for example, information from listings of the property on the market, or property assessment records, and • make reasonable assumptions about the interior condition as well as any potential MPR and cosmetic repairs. g.

VA_Guidelines.txt

18ad15e4-3c76-444d-a80e-1f690daf71a6

No Borrower Since there is no borrower on a liquidation appraisal, the appraiser must insert to be Named on “n/a” in the “Borrower” field. the Appraisal Continued on next page 11-29 VA Pamphlet 26-7, Revised Chapter 11: Appraisal Report 20. Liquidation Appraisals, continued e.

VA_Guidelines.txt

87ad6c7c-b089-45d1-a756-51cc53ddea80

Vacant If the property is vacant, the appraiser must gain access to the interior, unless: Property Access • jurisdictional law prohibits the lender from gaining or assisting in Attempts gaining access to the property, and the RLC has waived such access, • on a case-by-case basis, the RLC has waived access after considering other valid extenuating circumstances (such as, the owner’s personal

VA_Guidelines.txt

e14aa32d-d4d7-4cdb-9fad-aa614034854a

circumstances (such as, the owner’s personal effects remain in a vacant property causing legitimate concern about exposure to litigation), or • the RLC has approved a request to waive the servicer’s responsibility to assist the appraiser in obtaining access

VA_Guidelines.txt

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. f.

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Requirements If interior access is not gained, the appraiser must: if No Access Gained • make reasonable efforts to verify the interior condition by the best available means, for example, information from listings of the property on the market, or property assessment records, and • make reasonable assumptions about the interior condition as well as any potential MPR and cosmetic repairs. g.

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No Borrower Since there is no borrower on a liquidation appraisal, the appraiser must insert to be Named on “n/a” in the “Borrower” field. the Appraisal Continued on next page 11-29 VA Pamphlet 26-7, Revised Chapter 11: Appraisal Report 20. Liquidation Appraisals, continued h.

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Liquidation Appraisals, continued h. As-is value The fee appraiser’s value estimate for all liquidation appraisals will be for the subject property in its “as is” condition. VA liquidation appraisals are prepared under the same definition of market value as origination appraisals, not a discounted or forced sale value.

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Consequently, a property which needs no repairs should appraise for the same value on a liquidation appraisal and an origination appraisal. i.

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Liquidation An addendum to the liquidation appraisal must be provided with the following Addendum information: • whether the property is occupied or vacant, • whether or not access to the interior was gained, • if access was not gained, details of attempts to gain access must be provided in accordance with item d or e above, • if the property is vacant, whether or not the property was secure, •

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vacant, whether or not the property was secure, • any repairs urgently needed, such as securing the dwelling or securing a swimming pool, • information about three current listings or pending sales, including the length of time on the market, the current listing price, any known price changes, and a short statement describing how each property compares to the subject property, and • an itemized

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to the subject property, and • an itemized list of any MPR repair items and any cosmetic items that affect the marketability of the property, with the estimated cost and the estimated contributory value of each item

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.

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The total contributory value of all repairs listed should be considered by the appraiser when making condition adjustments on the market data grid since liquidation appraisals are completed “as is”. 11-30 VA Pamphlet 26-7, Revised Chapter 11: Appraisal Report 21. Partial Release Appraisals Change Date February 22, 2019 • This Chapter has been revised in its entirety. a.

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Partial When an appraisal is needed in order to review a request for a partial release Release of security, VA will assign the appraiser. The servicer of the VA loan must Appraisal e-mail a request for an appraisal for a partial release of security to the RLC of Request jurisdiction.

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Neither VA Form 26-1805, Request for Determination of Reasonable Value, nor WebLGY will be used to request a partial release appraisal.

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The request must include the following information: • Name and address of the servicer, • E-mail address of the servicer, • VA case number (remains the same from origination of loan), • Property address, • Name of the property owner and contact number for property access, • Plot plan or survey of the property showing the proposed partition, • Identification of the parcel to remain after partial

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of the parcel to remain after partial release is completed, • Legal description for each parcel, • Reason for the release of the property (for example, sale, public taking, designation as conservation site), and • Confirmation that the appraisal fee will be paid to the VA-assigned appraiser upon completion of the appraisal report and submission of an invoice

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. b.

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Appraisal The fee for an appraisal for partial release of security purposes is not fixed Fee and could vary from the typical origination appraisal fee. The appraisal fee will be established by VA, on a case-by-case basis, after consulting with the appraiser. Continued on next page 11-31 Continued from previous page 11-31 VA Pamphlet 26-7, Revised Chapter 11: Appraisal Report 21.

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Partial Release Appraisals, continued c. Assignment The RLC of jurisdiction will assign a VA fee panel appraiser (outside of of Appraiser WebLGY) to complete the appraisal and will provide instructions for completion and a copy of the information listed above. d.

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Values to be The following market value estimates will be provided in the appraisal report: Provided • the entire property prior to the release, and • the property which will remain as security of the loan after the release. e. Submitting The appraiser will e-mail the appraisal invoice and the completed appraisal Appraisal and report to the RLC. The appraisal report will be reviewed by VA staff.

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The Invoice invoice, a copy of the appraisal, and a memorandum containing estimates of the value of the property prior to the partial release of the security and the value of the property on which the lien will remain will be emailed to the servicer and a copy provided to the Loan Administration Officer (LAO) at the RLC. 11-32 VA Pamphlet 26-7, Revised Chapter 11: Appraisal Report 22.

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Vacant Land Appraisals Change Date February 22, 2019 • This Chapter has been revised in its entirety. a. Liquidation A vacant land appraisal may be needed for a liquidation appraisal if there are Appraisals no improvements on the land or if the improvements have no contributory value. b.

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