FreeAppraisalReview.com to be discontinued

On January 1st, 2018, FreeAppraisalReview.com will be discontinued. Our focus remains on building products for lenders and AMCs. The number of Appraisers actively using FAR has decreased over time causing us to re-allocate our resources in other areas. There are many effective alternatives for appraisal report quality control available, and most of them are already integrated in the services you currently use.

Just added: Expanded order information and other requested updates

We've just added several new fields for order information as requested in order to improve accuracy. See the details in the release notes, and read on for the highlights.

New order information for residential appraisal orders

We also added these options for Value conditions:

  • As is
  • As completed
  • As stabilized
  • Retrospective

You now have the following options in the Inspection Type drop-down:

  • Interior only
  • Exterior only
  • Interior & exterior
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Additional new order information for commercial appraisal orders

Also new are these options for Types of value:

  • Market
  • Bulk sale market
  • Going-concern
  • Disposition
  • Liquidation

For commercial appraisal orders, the following are now included for Value method:

  • Sales comparison
  • Income approach
  • Cost approach

 

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    And you'll find these new options in Market analysis:

    • Level A
    • Level B
    • Level C
    • Level D

    At the same time, we've added three new options for Loan purpose:

    loanpurpose-propertytypes.png
    • HELOC (Home Equity Line of Credit)
    • Renewal
    • OREO/SAD (Other Real Estate Owned / Special Assets Department)

    And finally, these new property types can now be selected for commercial appraisal orders:

    • Agricultural
    • Assembly/Meeting Place
    • Lodging & Hospitality
    • Senior Housing
    • Shopping Center
    • Sports & Entertainment

    All of these have been added based on your requests in order to make tracking, filtering, and order information as accurate and complete as possible, and we appreciate your feedback.

    New Undo option for declined bids

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    You told us that you need the ability to change your mind if you've declined a bid, so we've added that to the Review bids module. For any bid you decline, you can click the Undo button to reconsider the bid. Plus, this applies to residential and commercial bid orders.

    Thanks for all your ideas which help us continually improve your tools, and as always, keep them coming to info@MercuryVMP.com.