Indiana appraisers are essential

[Mark K]

If appraisers are essential....
Are you folks pleased to have the option to work or not to work?

I think most people prefer the option.

 

[Meandering]

Essential is okay for retroactive appraisals.

But is useless for current opinions when buyers are told to shelter-in-place, stay at home.

"the market" is no longer open and competitive.

And a small caveate to the last crisis, the white paper that "modernized" the industry absolutely included that the Income Approach should always be done.

Great! No one has to pay rent right now and can't be evicted. But the bills keep rolling in.

So the value of that multi-unit? The SFR income approach? And here,

Residential builders are not essential services so that "COST APPROACH' is zero.

Income Approach = a negative investment causing expenses without income.

Cost Approach = Zero because builders are not essential workers and can not work right now.

Sales Approach = Oh $200k because 3 months ago there were comps but today, buyers are under Government directives to stay home, Real Estate companies are not essential services and can't open their doors, only the appraiser with dated data is essential and assumes there is an "open market" as of the day.

 

[CraigAVC]

From the Governor's Executive Order:

Essential workers exempted from the 'stay at home' order:

View attachment 44542

Can you link that order please?

 

[Mark K]

Can you link that order please?

Governor Eric J. Holcomb: Executive Orders

Ex. order 20-08

Section 14 - T for appraisers

 

[Tim The Enchanter]

Values are not zero, even if things freeze for a bit.
I refer you to Metallica, So What.
Um, NSFW. So What!