11/17/2017
In my business, I will typically consult with a prospective client prior to being retained. Sometimes, this can result in me not getting an assignment. Case in point: I was recently asked by an investor to appraise an office building here in Somerville. Knowing quite well the property and its specific location, I was aware that the building had experienced a substantial amount of flooding during Hurricane Irene, in 2011. When I brought this to the attention of the prospective client, he was grateful for the information (of which he was unaware at the time). If, as a result, the proposed purchase fell through, then I suppose I talked myself out of a job! However, it would have been incumbent on me to reveal this information during the appraisal process, and to have taken it into account with respect to its potential impact on the valuation. If this information influenced the prospective purchaser to rethink his decision to purchase, that was, of course, his right. I trust that, should this individual choose to invest in another commercial property in this area, he will be coming back to me and my firm for sound information and analysis.
