A bank appraiser must use comparables of similar properties without speculating on the value a celebrity’s property would fetch or the likelihood of value increasing projects coming nearby. The borrower considers what is likely a property will be valued at while the lender must value on existing conditions minus a fudge factor.
RE: A bank appraiser must use comparables of similar properties without speculating on the value a celebrity’s property would fetch or the likelihood of value increasing projects coming nearby.
The bottom line is this — Appraising a property for collateral purposes is THE JOB OF THE LENDER’s appraiser. It is and should be none of the Attorney General’s ( i.e. the state) business.
It is only the state’s business if the borrower fails to pay the loan and the lender files a lawsuit ( which is NOT the case here ).