A discussion on appraised value came up recently with clients that are trying to get a property under contract. They need a loan commitment which will require the property to appraise for the contracted price (unless they want to come out of pocket for the difference).
#1 – With so few sales, how is an appraiser going to effectively come up with a property value?
#2 – So how accurate / reliable is the appraiser’s work going to be?
