70 Percent of the Work Appraisers Did at Landsafe, Bank of America’s Appraisal Division, Was Related to Soured Home Loans Bank of America Corp.’s appraisal division LandSafe reduced about 5% of its work force, beginning Feb. 22, Bloomberg News, The Appraisal Institute, and Housing Wire reported. LandSafe had more than 1,000 employees, the report said. Hugh Son at Bloomberg explains a bit about the move:
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Based in Florida and Employing 600 Personnel in 59 Offices, New Company Is Third Largest Firm Providing Commercial Real Estate Valuation Advisory Services Forty-two independent CRE appraisal companies, with a total of 59 offices and 145 MAIs, have merged to form Valbridge Property Advisors (www.valbridge.com), Commercial Property Executive reports. The new company, headquartered in Naples, Fla., will rank in terms of size behind only Integra Realty Resources and CBRE among companies providing CRE valuation and advisory services. Here’s more: