What is an appraisal? Kiritsis Law Group 212 922 0005

May 13, 2021

By: John Kiritsis, Esq., CPA, MBA, MS, JD, LL.M

A proper appraisal is an estimate of the value of property, based on a good faith effort to determine such an estimate. Real property is considered unique, and since real property’s transactions will virtually always be rare, an appraisal may often be deemed necessary to determine a real property’s value. The regulation of appraisal activities, usually falls mostly to state regulators and the courts; although the federal government has also passed certain regulations intended to protect persons who conduct appraisals. The Savings and Loans crisis, during the 1980s revealed irregularities and/or incompetencies, that were rampant throughout the industry. The reason many consider appraisals as inherently unreliable, is for the following: 1) There are multiple and inconsistent appraisal methodologies (i.e. market value, income method, ratio method, recent sales method). 2) Appraisals to a great extent require a great deal of human judgement. 3) Also, a party may come up with a different appraisals, based on different fact patterns, such as: (i) in the for listing a property for sale – the seller wanted a higher price, (ii) an owner wants a lower appraisal, before the time property tax assessments hit.

 

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