Site tours: Why experts visit before they value

Description

Abstract: Few people make a major purchase, such as a car or a home, without physically inspecting it first. Similarly, appraisers tour facilities and interview management before they draw value conclusions. This brief article points out that site visits and management interviews are integral parts of the valuation process and shouldn’t be overlooked. The article cites some recent cases that reinforce this point and lists some of the characteristics valuators consider on site visits. In re Marriage of Hanscam, 268 P.3d 715 (2011), 247 Or. App. 207, Dec. 14, 2011. Zeefe v. Zeefe, 125 Ohio App.3d 600,709 N.E. 2nd 208, 1998. Okerlund v. United States, Fed. Cl., No. 99-133T. 2002.