Appraisal

[John S. Rabi]

quote:

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Originally posted by KathyH
...However, I was told recently that for some situations an "Opinion of Value" from a real estate agent MAY be acceptable...

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Kathy, you are referring to the "BPO" which mean "Brokers Price Opinion" that we provide to lenders prior foreclosure and provide it again every month until the property is sold after their foreclosed on the property. However, when an "REO" ("Real Estate Owned") property is sold the sale is subject to a full appraisal if the Buyer is getting a loan.
Even though appraisers shy away from this method, I personally like the cost approach method for value. Using the replacement value of the improvements with a 27 and 1/2 years depriciation schedule and adding the low value of the land is one method of arriving at the value.

Aloha,
John S. Rabi, GM,PB,ABR,CRB,CM,FHS
808.989.1314
http://www.JohnRabi.com
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