An appraisal review is a critical component of quality control in any risk decision process. At their core, appraisal reviews are a tool that promotes the public trust in the appraisal profession. An appraisal review is made by a peer member who is competent to appraise the subject property type and preferably has a higher competency level of appraisal knowledge and credential than the original appraiser.
Lake State Realty is qualified in all types of appraisal reviews, review procedures, and the requirements of review appraisers for a multitude of property types. The appraisal review should determine whether the procedures for which the value conclusion is obtained guarantee independence and quality. An appraisal review can be either a desk review or a field review of an appraisal by a competent, knowledgeable, ethical, and experienced review appraiser.
Why is an appraisal review a good idea?
Appraisal reviews are a confidence booster for the client because they confirm whether the appraiser has gathered sufficient and relevant data and analyzed it properly, in line with the conclusions of the report. Additionally, appraisal reviews double-check whether the appraisal used credible and reasonable assumptions which can severely affect the final value conclusion. They are helpful in litigation support to either lend credibility to conclusions or else determine shortcomings. Clients who have little knowledge of appraisal and or have no internal appraisal capabilities can benefit from appraisal reviews to lend credibility to the work product at hand. Overall, an evaluation of the appraisal work product by an experienced review appraiser mitigates risk; provides effective communication between the appraiser, reviewer, and client; and promotes confidence in any decision-making process.
What makes a good review appraiser?
Above all, a good review appraiser communicates effectively and empathetically with the client, and if need be, the appraiser. They point out the strong parts of the appraisal and provide constructive criticism where warranted. There is a spirit of cooperation and understanding, when possible, to reach a reasonable and well-supported value conclusion. A highly experienced and professional review appraiser wants to be part of the appraisal problem’s solution.
The appraisers at Lake State Realty know what makes a quality and accurate appraisal and what common issues and weaknesses are frequently seen. We provide professional, objective, and ethical appraisal review services for a wide range of clients including attorneys, municipalities, government agencies, corporations, and individuals.
Contact us today to order your desktop or field appraisal review!