Getting Started

Understanding and using the FloodPoint USA Website.

Our objective is to establish industry best practices for 50 Percent Rule appraisal assignments, to provide useful tools for appraisers and floodplain administrators, and to assist public understanding.

WHAT ARE YOU LOOKING FOR?

THE ACV HOW-TO GUIDEBOOK

A searchable manual that provides start-to-finish guidance for understanding 50 Percent Rule appraisal assignments, and for writing and evaluating Actual Cash Value (ACV) appraisal reports.

LOCAL OFFICIAL APPRAISAL CHECKLISTS

Printable appraisal checklists for floodplain administrators, and appraisers. Help for evaluating appraisal reports, and for writing an acceptable report.

THE PHYSICAL LIFE CALCULATOR

A tool for actual cash value appraisals that makes depreciation estimates easy and reliable.

FLOODPLAIN APPRAISAL GUIDANCE

This appraisal work is driven by a local-community election to join the National Flood Insurance Program (NFIP). In joining, a community (city, county, town, village, or tribal organization) agrees to adopt local flood insurance rate maps (FIRMs), and to enact local ordinances that provide for floodplain administration including minimum standards for new construction in the floodplain, and for the repair and improvement of existing, nonconforming buildings.
For this specialty practice, appraisers are supposed to be state certified, and appraisal reports are supposed to be USPAP (Uniform Standards of Professional Appraisal Practice) compliant.
The process works best if local administrators insist on, and appraisers make, actual cash value (ACV) appraisals.
Actual Cash Value is not a real estate market-driven concept. Consequently, the economic analysis required for a traditional, whole-property market value estimate is not required. Neither is a highest and best use analysis, nor are the usual documentation and preemptory comments, intended for mortgage loan underwriters, that often clutter traditional market value reports.
WHAT IT DOES

TOPICS COVERED IN THE ACV GUIDEBOOK

  • Why is the Appraisal Needed?
  • Getting Started
  • Assignment Elements
  • Limits on Appraisal Reliability
  • The Building Inspection
  • The Reproduction Cost Estimate
  • The Depreciation Estimate
  • Report Writing and Documentation
  • Appraisal Examination
  • Terminology Confusions

ACV PROCESS

ACV METHODOLOGY IS SIMPLE AND DIRECT

  • ACV = Building Reproduction Cost – Physical Depreciation
FloodPoint USA offers a common starting point for Floodplain Administrators and Appraisers.

MYTH BUSTING

50 Percent Rule appraisals affect your assessment

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Below-ground foundations aren’t included in building value

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The 50 Percent Rule is always 50 Percent

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The NFIP is a voluntary program (true, but..)

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If you don’t have a mortgage you don’t have to comply with NFIP regulations

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NFIP regulations are imposed on us by FEMA

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Appraisers know what buildings and property is worth

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Replication cost psf shouldn’t be higher than the ICC tables cost averages (usually false)

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NFIP regulations are administered the same nationwide

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It’s a FEMA appraisal

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If you build new in the floodplain, in conformity with the building code, you’ll always be in conformity.
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If you have a non-conforming building in the floodplain and you make a 2nd floor addition you don’t come under the 50 Percent Rule

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NATIONWIDE 50 PERCENT RULE APPRAISAL CONSULTING SERVICES
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