What do European banking regulators have to do with appraisals written in the United States? More than you might think.

In this episode, Hal Humphreys sits down with Chris Thorne, a UK-based valuation expert who has been working directly with the European Central Bank as it reviews commercial real estate lending across the Eurozone. Those reviews don’t just cover European properties. They’ve also included loans secured by U.S. real estate, pulling American appraisal reports into the global regulatory spotlight.

Chris breaks down how the ECB evaluates valuation quality, what its on-site inspections look like, and what kinds of issues regulators are finding in real-world appraisal reports. From misunderstandings about market value and highest and best use, to misuse of the cost approach, asking prices, and special assumptions, the conversation reveals how seemingly small appraisal decisions can have big regulatory effects.

This episode is a timely reminder that valuation is no longer just local… it’s global.

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