OAR 441-505-3030: Appraisal Required

(1) The market value of real estate acquired by an institution pursuant to ORS 708A.175 shall be established by a real property appraisal that is current if the recorded value is equal to or greater than $400,000. A bank may defer obtaining an appraisal for a maximum period of three months following acquisition of such property if the initial recorded value is based on an appropriate evaluation that is current at the time of the acquisition. (2) If the recorded value of the real estate acquired pursuant to ORS 708A.175 is less than $400,000, the market value shall be established by a real property appraisal or evaluation that is current at the time of such acquisition. (3) An appraisal or evaluation is current if dated no more than one year prior to the acquisition. (4) The real property appraisal or evaluation must be reviewed by appropriate institution officers to determine whether it is a reliable indicator of the value and condition of the real estate acquired and complies with applicable standards for preparation of such appraisals or evaluations. (5) If the carrying (book) value of the real estate exceeds the market value less costs to sell, the difference shall be immediately charged off. (6) ORS 708A.590, as relevant, shall thereafter be followed.