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Southeast Mortgagee Advisory Council

Southeast Mortgagee Advisory Council. FHA Multifamily Underwriter Training May 29, 2013. Valuation. Distinctive "must know" Differences. Effective Date of Value Market Rents Vacancy - Retail or Commercial Space Operating Expenses Replacement Reserves Critical and Non-Critical Repairs

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Southeast Mortgagee Advisory Council

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  1. Southeast Mortgagee Advisory Council • FHA Multifamily Underwriter Training • May 29, 2013 Valuation

  2. Distinctive "must know" Differences • Effective Date of Value • Market Rents • Vacancy - Retail or Commercial Space • Operating Expenses • Replacement Reserves • Critical and Non-Critical Repairs • Land Value • Forms • Discounted Cash Flow • Other Differences

  3. Effective Date of Value

  4. Market Rents

  5. Vacancy - Retail or Commercial Space

  6. Operating Expenses

  7. Replacement Reserves

  8. Critical and Non-Critical Repairs

  9. Land Value

  10. Forms

  11. Discounted Cash Flow

  12. Other Differences

  13. Remaining Economic Life Remaining Useful Life

  14. Remaining Economic Life The estimated period during which improvements will continue to represent the highest and best use of the property; an estimate of the number of years remaining in the economic life of the structure or structural components as of the date of the appraisal; used in the economic age-life method of estimating depreciation. Source: The Dictionary of Real Estate Appraisal, Fifth Edition, Appraisal Institute, Chicago, Illinois, 2010

  15. Remaining Useful Life The estimated period during which improvements will continue to provide utility; an estimate of the number of years remaining in the useful life of the structure or structural components as of the date of the appraisal; used in the breakdown method of estimating depreciation. Source: The Dictionary of Real Estate Appraisal, Fifth Edition, Appraisal Institute, Chicago, Illinois, 2010

  16. Vacancy/Collection Loss It's more than just vacant units!

  17. Questions?

  18. Contact Information Michelle Alexander, MAI, MRICS Integra Realty Resources - Memphis 901.866.4934 ext. 229 malexander@irr.com Lauren Green Integra Realty Resources - Tampa Bay 813.287.1000 ext. 168 lgreen@irr.com

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