The Petition http://www.ipetitions.com/petition/commercial-appraiser/
For years we have railed against appraisers using reo, short sales, probate sales, and other non-arms length sales as comparable when valuing "market value" which is defined as:
Market Value is defined as: the most probable price which a property should bring in a competitive and open market…
Added by Commercial Appraiser on June 26, 2012 at 11:11am — No Comments
I am a commercial loan broker and have an $18 million multifamily project in Oklahoma needing funding.
I have a very strong client that owns a multifamily in Tulsa, Ok. He wants to do a major rehab and also construct more units on this existing property. This property is an A+ location but the units are C+. My client is very strong and owns all or part of 15 other multifamily units. The $18 million is 80% of project cost and will be about 70%LTV of final project.
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