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Acknowledgments Acknowledgments The following contributors deserve recognition for their efforts in developing this material: Seminar developer: Mark V. Smeltzer, SRA Reviewers: Gary T. Crabtree, SRA George R. Mann, MAI, SRA George N. Vann, Jr., SRA Danny K. Wiley, SRA The following Educational Resources Department staff of the Appraisal Institute also contributed to the completion of these materials: Sue Siradas, Director; Anne Calek, Senior Manager, Classroom Education Program Development and Production; Francine Rosenstein, Manager, Seminar Development; Dawn Martin, Managing Editor, Classroom & Technology-Based Education; Patricia McKibbin, Senior Technical Writer-Editor, Classroom & Technology-Based Education; Brian Blevins, Production Specialist, Classroom Education; and Whitney Youngs, Classroom Education Project Specialist- Editor. Appraisal Institute REO Appraisal i ii Appraisal Institute REO Appraisal Table of Contents Overview................................................................................................................. v Seminar Schedule ................................................................................................... ix SECTION 1 Part 1. Background on Real Estate Owned (REO) Learning Objectives Part 1 ............................................................................. 1 Background ............................................................................................... 3 Foreclosure Procedure ................................................................................... 5 Parties Involved ............................................................................................ 6 Discussion Question: Class Background .......................................................... 8 Part 2. Problem Identification in REO Assignments Learning Objectives Part 2 ............................................................................. 9 Assignment Elements (Problem Identification) ................................................ 11 Dilemma No. 1 ............................................................................................ 12 Dilemma No. 1 (revisited) ............................................................................ 16 Dilemma No. 2 ............................................................................................ 18 Dilemma No. 3 ............................................................................................ 19 Case Study Part I ........................................................................................ 20 SECTION 2 Part 3. Scope of Work—Extent to Which the Property Is Identified and Inspected Learning Objectives Part 3 ........................................................................... 21 Scope of Work Defined ................................................................................ 23 The Extent to Which the Property Is Identified ................................................. 23 Dilemma No. 4 ............................................................................................ 24 The Extent to Which the Property Is Inspected ................................................ 25 Appraisal Institute REO Appraisal iii Part 4. Scope of Work—Type and Extent of Data Researched Learning Objectives Part 4 ........................................................................... 29 Analyzing Prior Sales, Agreements of Sale, Listings, and Options of the Subject Property ............................................................... 31 Case Study Part II ....................................................................................... 31 Identifying and Analyzing the Market for the Subject Property ........................... 32 Dilemma No. 5 ............................................................................................ 35 Case Study Part III ....................................................................................... 37 Estimating Costs of Repairs and Entrepreneurial Incentive .............................. 37 Dilemma No. 6 ............................................................................................ 39 Case Study Part IV ...................................................................................... 39 Analyzing Competitive Listings and Comparable Sales ..................................... 39 Making Market Conditions Adjustments and Forecasting Adjustments in a Declining Market ........................................................... 40 Dilemma No. 7 ............................................................................................ 41 Appendix State-by-State Foreclosure Rules (Source: Mortgage-Investments.com) Case Study (under separate cover) Reference Booklet (under separate cover) Handout Packet (under separate cover) iv Appraisal Institute REO Appraisal Overview Seminar Description Welcome to REO Appraisal: Appraisal of Residential Property for Foreclosure and Preforeclosure. This seminar was developed for . Residential appraisers who are completing assignments for use in a preforeclosure decision, a foreclosure proceeding, or a postforeclosure decision. Lenders who need valuation services for maintaining mortgage portfolios with delinquent accounts. Lender personnel who need to make decisions on disposing of property acquired through loan defaults. Secondary market participants. Appraisal management personnel. Changes in lending practices and economic conditions have brought about a need for appraisers with the specific knowledge and experience to properly develop and document opinions of value for real property in foreclosure. This seminar begins with a look at the foreclosure process and the roles the appraiser and others play within it. Users of appraisal services will gain an understanding of the assortment of services an appraiser can offer to answer questions that arise during the foreclosure process. Appraisers will learn how to formulate a scope of work that provides a solution to the user’s problem. The material addresses the issues appraisers must consider in identifying, and then completing, the research and analyses necessary for credible results in this specialized area of practice. Appraisal Institute REO Appraisal v Learning Objectives At the conclusion of the seminar, participants will be able to . Identify the needs of clients who order appraisals for use in preforeclosure, foreclosure, or postforeclosure decisions. Recognize the range of services that an appraiser can provide in preforeclosure, foreclosure, or postforeclosure decisions. Properly identify the assignment elements involved in completing assignments for foreclosure, preforeclosure, and postforeclosure appraisals. Differentiate between different types and definitions of value. Properly identify the market for a property. Formulate a proper scope of work when completing appraisal assignments for use in a preforeclosure, foreclosure, or postforeclosure decision. Properly use and disclose hypothetical conditions and extraordinary assumptions when completing appraisal assignments for use in a preforeclosure, foreclosure, or postforeclosure decision. Recognize inspection requirements for assignments for use in a preforeclosure, foreclosure, or postforeclosure decision. Learning Enhancements The seminar has been designed with a variety of elements to enhance your learning experience. Preview. To give you a taste of what is to come, you will find a Preview page that identifies learning objectives to consider as you move through the content. Learning Objectives. In addition to the broad learning objectives noted earlier, each Part contains specific objectives that cover skills necessary to fully understand the concepts in the seminar. Look over the objectives before the Part begins so that you have a frame of reference as you move through the material. At the end of each Part, reread the objectives. Are you able to perform what is stated? If not, this is the time to ask your instructor for help. Or, review the concepts that you do not understand. Examples, Problems, and Case Study. Supplementing the discussions are examples and problems, as well as a case study, to help you visualize and practice what you’re learning. vi Appraisal Institute REO Appraisal Classroom Guidelines To make the learning environment a positive experience for everyone attending, please follow these guidelines: . 100% attendance is required. No exceptions. Limit use of laptops to classroom projects. Communicate with business associates during break time instead of class time. Put away reading materials such as newspapers and books that are not used in class. Silence cell phones. No recording devices are permitted. Refrain from ongoing conversations with those seated near you and other distracting behavior. General Information . Calculator: A normal function calculator is required for today’s class. Breaks: There will be a 15-minute break during the morning session and another during the afternoon session. The lunch break is one hour. A meal is not provided unless specified in the sponsor’s advertising or in your seminar confirmation materials. Attendance Sheets: Attendance sheets will be distributed during class to verify your attendance during the morning and afternoon sessions. Attendance for the entire seminar is required. Certificates: Certificates of completion will be distributed (or mailed) upon completion of the seminar. Appraisal Institute REO Appraisal vii viii Appraisal Institute REO Appraisal .
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