Appraisal Reviews
Appraisal reviews can be beneficial for multiple reasons and are more than just a second opinion. An appraisal review helps the initial report owner establish the credibility of the original value and the methodology, comparables (comps) used, adjustments, and comments or reveal shortcomings. Review reports are a valuable tool for individuals with little knowledge of appraising or who need internal real estate statistical resources. The appraisal review process is more time-consuming than a regular appraisal due to the research and analysis required going beyond a typical scope of work. Review Appraisal Reports cost slightly more than a standard appraisal. Click here to obtain a Review Appraisal.
The Uniform Standards of Professional Appraisal Practice (USPAP) defines Review Appraisals as "The act or process of developing and communicating an opinion about the quality of another appraiser's work that was performed as part of an appraisal or appraisal review assignment."
A Review Appraisal report will also include:
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A Second Opinion of Value
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Analysis of the original comps used and additional ones given if necessary
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Analysis of the methodology used in the original report
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Analysis of the comments made in the original report
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Analysis of the adjustments made in the original report
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Verification of statistic and marketing area data