What’s a House Worth? Wall Street Turns to Drive-By ‘Appraisals’
Realtor
JANUARY 23, 2018
Luke Sharrett for The Wall Street Journal When Blackstone Group LP wanted to borrow hundreds of millions of dollars to buy foreclosed homes after the housing crash, it needed a quick, inexpensive way to value thousands of houses the investment firm already owned and was offering as collateral. Blackstone and its lender, Deutsche Bank AG, settled on a sort of drive-by valuation done by real-estate agents that are more cursory and cost far less than traditional appraisals.
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