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b. Required Analysis (05/09/2022)
The Appraiser must obtain credible and verifiable data to support the application of the three approaches to value.
The Appraiser must perform a thorough analysis of the characteristics of the market, including the supply of properties that would compete with the subject and the corresponding demand.
If a real property interest is being appraised, the Appraiser must perform a highest and best use analysis of the Property using all valuation approaches and report the results of that analysis.
The application of the approaches to value requires that the Appraiser obtain credible and verifiable data to support each approach. Data must be drawn from a collection and storage database that is wholly independent from any individual or organization that has an interest in the Property being appraised.
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II. ORIGINATION THROUGH POST-CLOSING/ENDORSEMENT F. Appraiser and Property Requirements for Title I Loans
6. Valuation Development – Borrower-Owned Land