As a result of the uncertain economic situation our country now faces, there has been a marked increase in mortgage foreclosures, related bankruptcies and real estate litigation in general. With the current real estate and consumer lending markets in turmoil, increased scrutiny has been placed on all aspects of the process, most notably on the value of the property securing the loan.
However, many of those involved — including the attorneys who represent owners, lenders, borrowers, brokers and real estate appraisers — do not have a good understanding of exactly what a real estate appraisal is, how it is created, what it really reflects, etc. When a dispute does arise, this ignorance often leads to misconceptions and resulting challenges in litigating valuation-sensitive matters.
What is an appraisal?
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