WASHINGTON, DC—The locally-based Appraisal Foundation and the International Valuation Standards Council, which is based in London, are working on converging as much as possible their respective standards. While this news would ordinarily fall in the category of inside baseball — that is, of interest only to the immediate players — the changes in the industry and global markets has drawn a crowd of interested onlookers, cheering on the harmonization.

Namely, the global capital real estate capital flows has led to an increased need for greater coordination between these two usually distinct and very separate agencies. “There are relatively few deals in which an appraiser would have to comply with both sets of standards for the same deal,” John S. Brenan, director of Appraisal Issues at The Appraisal Foundation told GlobeSt.com.

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