US EditionExperts Caution Against Blanket Appraisals, Calling It A “Questionable Practice”
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Experts Caution Against Blanket Appraisals, Calling It A “Questionable Practice”
For years now, real estate lawyer Mark Morris has been sounding the alarm on blanket appraisals, a financing arrangement where the bank assumes the original purchase price of a new build rather than the true appraisal value. It’s not an unattractive proposition at first blush, particularly when you think about the state of the new condo segment in the Greater Toronto Area, for example, where valuations have aggressively downtrended.“It happened …
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