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| Yes, Extraordinary Assumptions Matter. Here's why… |
| Odds are you’ve never been told to go around making assumptions, let alone extraordinary ones. Especially since we all know what "they" say about people who assume.
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| But guess what?
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| Regarding appraisals, your assumptions matter.
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In fact, your extraordinary assumptions matter so much that we wrote a whole blog about how to disclose them. These disclosures can be one of the most important parts of your appraisal, helping home buyers to know exactly what they’re getting into, even if you don’t know exactly what they’re getting into.
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| Let us explain that little tongue twister.
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| You know that an extraordinary assumption is when you as an appraiser decide something is true for your report, even if there's not enough proof. This is done when you’re unsure about things like the environment or legal matters that might impact the appraisal.
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| Not using or disclosing an extraordinary assumption properly can lead to legal repercussions for you as an appraiser. Not only will the valuation of the property be wrong, but homebuyers could end up buying a home that is unsafe. Not to mention, you will lose the trust of clients as well as creditability in the appraisal industry.
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All of this can be avoided, though! Our blog, Disclosure Example: Extraordinary Assumption will cover the following:
- A full extraordinary assumption scenario
- The proper uses of an extraordinary assumption
- USPAP Disclosure Requirements
- Disclosure Statement Example
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| You’ll have the knowledge you need to ensure that your appraisal reports are as thorough as possible, solidifying you as a go-to appraiser in your area.
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| Speaking of knowledge, don’t forget about our CE Membership.
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| You’ll get unlimited access to courses, subject matter experts, and an exclusive online community, all built to ensure you have the education you need to build and maintain a successful career.
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