This 4-hour course is for residential real property appraisers and is intended to improve the quality and consistency of the analyses performed by appraisers when appraising preforeclosures, short sales and REO properties or when using distress sales as comparables. This course begins with a lesson on the importance of understanding and properly identifying the type and definition of value (market value, disposition value or liquidation value) and demonstrates how to properly apply appraisal practices that support that definition of value. Learning will center around the life cycle of a defaulting loan and the various types of appraisals needed along the way. These types of appraisal services are commonly misunderstood and incorrectly performed; therefore, attention will be focused towards how to avoid the most common blunders and produce credible assignment results within the context of the scope of work and intended use. Also covered, is how to successfully complete the Supplemental Real Estate Owned Addendum form, including repair costs and estimates of the market value “as-is” and “as-repaired” based on a client-imposed restricted market exposure time. As real estate markets react to an unprecedented time in our history, staggering unemployment rates and nationwide uncertainty, mortgage delinquencies are sure to rise. Appraisers will leave this class with a solid understanding of their obligations and duties when appraising pre-foreclosures, short sales and REO properties and better prepared to appraise in the turbulent times ahead.