NSP FAQ
Q

When is an appraisal not required?

Date Published: October 2012

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A

The property does not meet the definition of foreclosed or HUD has determined that compliance with URA appraisal requirements is unnecessarily burdensome, if the anticipated value of the proposed acquisition is estimated at $25,000 or less, and the acquisition is voluntary. If the grantee determines that this is the case, the current market value of the property may be established by a valuation of the property that is based on a review of available data and is made by a person qualified to make the valuation. See Section II (A) of the Unified NSP1 and NSP3 Notice issued October 19, 2010 for further details.


Tags: NSP Program Requirements - Appraisals and Property Valuation

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FAQ ID:

482