In order to develop an opinion of value in an "Appraisal Review" an Appraiser developed a "sales cost per square foot" for existing homes. He then uses this number to calculate the value of newly constructed homes. Needless to say the existing homes were older and not always the same size, type, style or construction of the new homes. Was the Appraisers approach appropriate?
A little guidance would be greatly appreciated.
A little guidance would be greatly appreciated.