Cause for concern: al continues efforts on SBA going concern appraisals.
On Feb. 28, Appraisal Institute President Ken P. Wilson, MAI, SRA, reiterated the fact that Al remains deeply concerned about the policy change at the U.S. Small Business Administration that prevents qualified real estate appraisers from performing going concern appraisals.
In November, Al, the American Bankers Association and the American Society of Farm Managers and Rural Appraisers wrote a joint letter calling on the SBA to reverse course.
Al is exploring all possible options to resolve this issue on behalf of professional real estate appraisers. Efforts include fostering an industry coalition that comprises a :strong list of real estate stakeholder organ zations and conducting outreach with key oversight committees on Capitol Hill.
Congress is responding positively to the concerns, as evidenced by the Feb. 12 confirmation hearing for Maria Contreras-Sweet, the nominee for the SBA administrator. In response to these and other concerns, the SBA is reviewing the policy once again which, is a positive development.
Al has received a lot of questions about the policy change. One open question relates to business valuation designations that have specialty areas on such things as personal property and real estate, and whether those specialty areas are now eligible to do going concern appraisals. Absent further information from the agency, some banks may only recognize specialties in business valuation.
Many Designated members and candidates of the Appraisal Institute may mistakenly believe that they can obtain a real property specialty to become a qualified source in the eyes of some clients, when that may not be the case.
Read the joint letter to the SBA at www.appraisalinstitute.org/assets/1/7/ABA4U-ASFMRA-on-SOP-50-10.pdf.
|Printer friendly Cite/link Email Feedback|
|Title Annotation:||APPR AISAL report|
|Date:||Jan 1, 2014|
|Previous Article:||All aboard: al designates 490 new members in 2013.|
|Next Article:||Seeing green: appraisal institute issues guidance on valuing 'green' buildings.|