Coldwell Banker Lightbourn Realty has expanded its appraisal team in response to an increasing demand for property valuations.
President Mike Lightbourn, who has been doing appraisals for over 40 years, is increasing his appraisal team to seven to deal with this growing segment of the industry.
He said he and his Nassau appraisers, Spencer White and Anthony Wells, are benefitting from a strong and steady increase in demand for valuations and his appraisers in the Family Islands are also experiencing greater demand.
"This increase has been brought about largely as a result of serious market fluctuations over the past five years," Lightbourn said.
"We have also seen a sharp increase in appraisals in Exuma. Basically, we have appraisers spread throughout the islands and, even more important, we have the ability to get to the islands and we know the lay of the land in all the islands," he added.
The banks - concerned about the large number of defaults because of the high risk involved in the present economy - need constant updates on appraisals to confirm what is sometimes a steadily changing market in terms of property values .
Sellers often order appraisals to find out what their property is worth before putting it on the market. Appraisals are also used for insurance replacement cost estimates, probate matters and real property and stamp tax calculations.
Lightbourn said he's fortunate to have two seasoned appraisers in Nassau in the person of White and Wells, as well as appraisers in Exuma, Long Island and Bimini and a seventh agent in the Berry Islands who should be licensed shortly.
Appraisers must apprentice under a Bahamas Real Estate Association (BREA)-approved appraiser for three years before they can become licensed.
White and Wells, each of whom have more than 10 years' experience in the field, noted that banks are strict about who they'll accept appraisals from because they depend on accurate valuations. The banks also require the broker to carry adequate professional indemnity insurance.
White and Wells said properties need to be positioned for sale at current market value, not on property owners' expectations, because in today's buyer's market, purchasers "now have the option to pick, choose and refuse.

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