Rural Area Appraisals: Freddie Mac Guidelines and Property Eligibility Requirements
Presented by the Appraisal Institute
Appraising rural properties can be challenging. A lack of comparable sales, uniqueness of homes, time between sales, and an expansive geography are factors appraisers must consider. This often means more time, research, and justification to determine an acceptable value for a property. To make this task less daunting, Freddie Mac identified common pain points and misconceptions among appraisers and lenders regarding collateral guidelines for rural properties. With the Appraisal Institute, they have developed a comprehensive rural appraisal training for practicing residential appraisers.
This 7-hour seminar addresses eligible and ineligible property qualifications; price ceiling limitations in rural markets; how urban development, farm productivity, and conversion to residential uses affect land prices; highest and best use problems in rural residential appraisals; how the Freddie Mac Appraisal Guidelines relate to rural appraisals; how to extract and support adjustments in rural residential appraisals; how to support deductions for unusual designs or functional problems; and how to use regression analysis to support a conclusion regarding highest and best use. An integrated case study reinforces the concepts presented.
Attendees are required to bring an HP-12C calculator or another financial calculator.
CE Hours: 7 Hours
State Approval for CE: AL, AK, AR, AK, CA, CO, CT, DE, FL, GA, HI, ID, IL, IN, IA, KS, KY, LA, ME, MD, MA, MI, MN, MS, MO, MT, NE, NV, NH, NJ, NM, NY, NC, ND, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VT, VA, WA, WV, WI, WY