The Tribune

Coldwell Banker Lightbourn Realty has expanded its appraisal team to seven in response to an increasing demand for property valuations.

Mike Lightbourn, its president, who has been doing appraisals for over 40 years, said he and his Nassau appraisers, Spencer White and Anthony Wells, were benefiting from a strong and steady increase in demand for valuations. And the same was also true of his Family Islands appraisers.

“This increase has been brought about largely as a result of serious market fluctuations over the past five years,” Mr 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.”

Commercial banks, concerned about the large number of loan defaults and the high risk involved in the present economy, need constant updates on appraisals to confirm steadily changing property values.

Sellers often order appraisals to find out what their property is worth before putting it on the market. And appraisals are also used for insurance replacement cost estimates, probate matters and real property and Stamp Tax calculations.

Mr Lightbourn has 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.

Messrs White and Wells, each of whom have more than 10 years’ experience, said banks are strict about who they will accept appraisals from because they depend on accurate valuations. The banks also require the broker to carry adequate professional indemnity insurance.

The duo 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”.