Apr
14

Does Your Appraiser Have Blinders On?

By


I just read an appraisal of a proposed industrial building with an effective date of January 2009. At first it made me laugh and then it pissed me off.
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I used the search function of Adobe Acrobat to find these words in his appraisal, with these results:

Recession – 0

Credit crisis – 0

Downturn – 0

Decline – 0

The appraiser never, and I mean never, referenced the current economic crisis in the entire report.
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How can a lender accept an appraisal report that does not even mention what’s happening in the real world??? Someone please tell me……..
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Michael Dodds
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