When was the last time you indicated a functional obsolescence in the cost approach? Did you also reflect it in the sales comparison approach? Would you? Should you? These are questions we rarely, if ever, consider. Perhaps we even avoid the issue when we think the house we are appraising has functional…
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If you are appraising an environmentally contaminated property, you may need to consider more than just the cost of remediation (cost to cure). The property may suffer from stigma associated with the contamination. Stigmatized properties can take months and even years to recover from a blighted image.
The Uniform Standards of Professional Appraisal (USPAP) describe stigma…
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