Recently, after completing a few courses and passing the exam offered by Appraiser eLearning through the National Association of Appraisers, I received a Certificate in Appraisal Review from their Professional Certification Board.
Now why would one want to have an appraisal report reviewed? Appraisal reviews play a crucial role in the real estate industry, ensuring the accuracy, quality, and compliance of an appraisal report. An appraisal review involves the evaluation and analysis of an existing appraisal report conducted by another appraiser. It aims to gauge the quality, accuracy, and adherence to standards and guidelines of the original appraisal. Think of it as a comprehensive quality check for property valuation.
Here are some reasons one might want to contract an appraiser to review another appraisers report:
Quality Assurance: Appraisal reviews help identify errors, inconsistencies, or omissions in the original appraisal report. By providing an opportunity for correction or clarification, they ensure the reliability and trustworthiness of the valuation.
Compliance: Appraisal reviews ensure that the original appraisal adheres to regulatory and professional standards, such as the Uniform Standards of Professional Appraisal Practice (USPAP). Compliance is vital to maintain integrity in the valuation process.
Litigation and Dispute Resolution: During legal proceedings or property valuation disputes, an appraisal review serves as an objective evaluation. It helps identify weaknesses, biases, or potential issues that may impact the outcome of the case.
Lender Requirements: Lenders and financial institutions may require appraisal reviews as part of their due diligence process. This ensures that they make informed lending decisions based on accurate and reliable appraisal reports.
If you have an appraisal requiring a second opinion to measure its accuracy, quality, and compliance, be sure to select an appraiser who possesses the education and experience necessary to provide you the review appraisal you need.