ADXZ_AICPA的房地產盡職調查報告(ppt26)

AICPA National Real Estate ConferenceDue Diligence
Stephen A. Stoner
November 17,
What is Due Diligence
Risk management tool
Varies by client
Varies by practitioner
Consistency beginning to develop in secondary mortgage markets
Industry standards accepted by rating agencies, investors, and intermediaries
Dependent on good data

History of Due Diligence
Prior to 1980’s
Minimal
Late 80’s, early 1990’s
Required and critical
Mid 1990’s - current
Changing real estate markets
Much done internally
Larger buyers
Different risk mitigation procedures
Future
to be determined
Reason for Due Diligence
File stuffer
Decision tool
Sales tool
Asset management
Deal structuring

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