Retrospective: Knowledge of Events After the Effective Date

[ZZGAMAZZ]

SMT-3 addresses the appraiser's responsibility to include data after the retrospective effective date as confirmation of trends that would have reasonably been considered..."

Although markets are local, the current recession is largely national.

At what point in time in the past would--should--an informed buyer have been aware of the forthcoming general economic decline? Part of my confusion is the reliance of buyers on their real esate agents, none of whom I know--either the best or the worst--would advise a buyer to postpone a purchase even if prices were expected to fall by 50% in a month.

This is a hypothetical question and not based upon an actual assignment.

 

[stefan olafson]

I believe it depends on your specific market. In the upper midwest (outside of the Mpls Metro Area) prices are still relatively strong. In NW MN (where there are few people) the market is still quite strong with the only real difficulty being the availability of good quality financing options. They seem to have dried up?

There is still incredible pressure on the appraiser to 'hit the number' but we take that in stride...

 

[Mike Boyd]

We already have to much responsibility for things we are not getting paid for. Besides, that involves CONSULTING, which should be a separate assignment. Look what USPAP has to say about it.

 

[LordofTexas]

Let me speak to my attorney first and I'll get back to you.