Residential Real Estate Appraisal, Mortgage Financing, Insurance - Sterling, VA

Appraisal Review - Sterling, VA

Appraisal reviews consist of a judgment concerning the analysis or conclusions of a report and are subject to USPAP Standards. The primary goal of making a detailed review is to determine whether the value is reasonable and whether it is reliable enough to be used as a basis for business decisions.

There are four possible outcomes of an appraisal review:

1. The report and value conclusions are accepted without change.

2. The report is accepted, but the reviewer changes the value in accordance with USPAP Standards.

3. The report is returned to the appraiser for corrections and/or additions.

4. The report is rejected due to serious deficiencies and lack of cooperation from the appraiser. In such case, a new appraisal must be ordered.

The reviewer should focus on factual errors and items that affect the value conclusion rather than on nonmaterial issues. Simply complaining about the value does not help either side. The reviewer must show errors in the report and/or present factual data not analyzed by the appraiser.

Let the appraiser know your satisfaction when the report has been well written and duly supported. This is a business relationship and you may need a favor from this appraiser later on. When most clients call only to complain, your compliments will go a long way in building favorable relationships with your fee appraisers. Remember that this should be an ongoing relationship, and communication is the key to a successful, long-term business association.

Appraisal Master looks forward to fulfilling your residential real estate needs in a professional manner.