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Going Concern Valuation:

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building-09In these times of mortgage crisis and the problems with "sub-prime" loans as well as mortgage brokers, one can only wonder what role did Automated Valuation Models (AVMs) play in the current meltdown? To date I have heard no mention of their participation, and yet its been estimated that upwards of 30% of all valuations are done by AVMs.

  • Could AVMs have been manipulated to assist with increasing the value?
  • How do you know?

Currently, there are no agencies of any kind or regulations of any kind that oversee AVMs, their outputs, or AVM operators. The following article was written for the Valuation 2000 conference held in Las Vegas and sponsored by the big three appraisal organizations, AI, ASA, and the ASFMRA. Given the current crisis it seems very timely to take another look at what was written before the big housing bubble burst.

Attachments:
FileDescriptionFile size
Download this file (theblackwellgroup.org_AVMs_Usafe_At_Any_Speed.pdf)Download This Document Here!AVMs - Unsafe at any Speed33 Kb

 

This Evaluation is an assessment of the probable value of a property and is prepared according to the Interagency Appraisal and Evaluation Guidelines, dated October 27, 1994 and the OCC Commercial Real Estate and Construction Handbook – Appendix E. This document is intended to meet the requirements of a Restricted Appraisal Report as set forth under Standards Rule 2-2 (c) of the Uniform Standards of Professional Appraisal Practice.

Download the following document to view an example of how a minority/fractional interest should be valued.

The purpose of these two appraisals was to estimate the 100% Market Value of the subject properties, "AS IS." The effective date of the Market Value was February 2, 2008. The date of the property inspection was April 13, 2008.

Attachments:
FileDescriptionFile size
Download this file (theblackwellgroup.org_The_Wilson_Trust.pdf)Download This Document Here!The Wilson Trust379 Kb