There are many characteristics that can cause a property to be considered “Complex.” Another word for “Complex” would be “Atypical.” The definition of “Atypical” is: not typical: not usual or normal: Source for definition: http://www.merriam-webster.com/dictionary/atypical
Properties that may be considered “Complex” could be:
When a property differs from:
- The neighbourhood (this could be due to size/zoning/property rights or location)
- Has a different unique architectural style
- Is historic in age or possibly a new construction home in an area of older construction
- A larger than typical site size
- A property that is ocean, lake, mountain or beach front
- Luxury Homes
When a “Complex” assignment is identified, there are additional steps required to be sure that the most qualified appraiser is assigned. When the property is known to be a “complex” assignment, the order will be sent to the most qualified appraisers in that market to “Bid” on the order. Appraisers will have the opportunity to research and bid on the assignment and provide an estimated turnaround time. All of the bids are compared based on quality scores of the appraiser, location, experience, turnaround time and fees that have been quoted.
So how can you let Valuation Management Group know that you have a “Complex” assignment?
When you are interviewing your borrower or member, be sure to ask them about the property: Is there anything unique about the property, have they made any improvements, etc. This is helpful information to provide when placing the order with Valuation Management Group. Be sure to notate in the notes on the website the details of complexity to ensure VMG is aware of the circumstances and that the appropriate bids are obtained.
VMG’s goal is to obtain the most qualified appraiser at a reasonable fee to ensure a well supported, accurate appraisal.
Valuation Management Group is a national, full service appraisal management company that manages the appraisal process for community banks, mortgage bankers and credit unions. We take the process from ordinary to extraordinary.