Valuation plays a critical role in real estate, from appraisals
for residential mortgages to the sales of commercial real estate.
But the COVID-19 crisis and resulting economic uncertainty pose
some challenges for valuation experts across the country.
Limited physical access
Site visits have long been an integral part of the valuation
process, but stay-at-home orders blocked access to many properties
earlier this year throughout the country.
Fannie Mae and Freddie Mac have recognized this hurdle by
temporarily permitting exterior-only and desktop appraisals for
eligible mortgages. Banking regulators allowed certain commercial
and residential loans to close without having an appraisal
completed, though appraisals have been required within 120 days of
closing.
