This estimated valuation is solely based on two preliminary broker opinions
of value (discussed in more detail below) and the final purchase price has not yet been determined.
The four organizations also sent an April 20 letter to every state appraiser board stating that real estate agents and brokers may be providing broker opinions
of value of commercial real estate without appropriate appraiser credentials.
The property is currently off the market while revised broker opinions
of value are being collected.
The company's valuation products include, but are not limited to: commercial valuations (BOV: broker opinion
of value), in-person commercial property inspections, income-based commercial valuations, valuations performed by CCIMs and residential BPOs (broker opinions
New Service Goes beyond Traditional Broker Opinions
, Adds Confidence to Value Estimates
We have conducted more Broker Opinions
of Value in the past six months than we have in the past two years.
Recent broker opinions
of value (BOVs) indicate a significant loss upon disposition.
Bankruptcy proceedings continue; however, given recent broker opinions
of value, losses are not expected at this time.
ORIX Capital Markets, LLC (ORIX), the special servicer, prepared a new real estate valuation based on two Broker Opinions
of Value (BOV), and a remediation cost estimated by an environmental firm.