My New Blog

I recently completed my first report for a new AMC customer. I carefully read the 11 pages of guidelines that they provided with the order and did my best to address all their concerns. I also drew on my own experience to address other possible concerns that they might have that were not stated in the guidelines. Then I submitted the report and waited for their response to ask for that never-heard-of-before new requirement.

In this case the customer asked me to address the impact on value and marketability of the subject's flood zone location. Although I can't recall being asked for that before, it did not seem an unreasonable request, seeing as how the subject was in a FEMA Special Flood Zone Hazard Area.

The part that was surprising was that I was asked to comment if any of the other comparable properties were in the same flood zone as the subject and, if not, to provide at least one comparable sale that was in the same flood zone. This is a perfect example of what has come to be called "scope creep" where more and more research, analysis, and commentary is expected from the appraiser, but that is a subject for another blog.