[StBernard] Question

[Westley Annis]

Most people are confused about what the LRA means when it starts quoting per
square foot values.  They've not done a good job explaining in the least how
they even come up with their figures.  How do they arrive at a dollar value
per square foot?  Are they using "similar" and like comparable properties.
BPOs and AVMs often do not.

I get a lot of calls from folks asking me to explain what the LRA is doing
and they ask me to compare the benefits of getting a pre-Katrina market
value appraisal against what the LRA says it will offer.  Unfortunately, I
don't understand the LRA any better then the rest of us.  As an appraiser, I
can't even begin to comment on what they are proposing because I'm not
certain anyone with the LRA truly knows.  In a way, I try not to understand
because inevitably we operate and think in different ways when it comes to
valuing a property.  What I say a home is worth pre-Katrina will be
different - and likely higher - than what they say.

John Scurich