Dear Monty: I am indirectly involved in real estate transactions. I work for a title company. I witness real estate transactions regularly failing for a variety of reasons. Appraisals are one of the leading causes. There should be a better method. Will there be a better process in the future?
Monty’s Answer: Your question requires a quick overview before answering. There are multiple approaches to determining value. Each method brings a different perspective to a home’s worth.
Blending the three techniques allows the appraiser to consider numerous viewpoints to make a conclusion. The issue with all appraisals is that they are subjective; it is just one opinion. The three approaches are:…