We provide appraisal review services for various residential/commercial properties.
Clients engage appraisal review services for several reasons:
- Double checking whether the appraisal used credible and reasonable assumptions can further reduce risk when considering the feasibility of real estate development.
- An appraisal review can reinforce a client’s confidence in the appraisal report by checking to ensure that appropriate data has been collected properly and analyzed logically. The process also verifies that conclusions are consistent with the information presented in the report.
- Lending institutions use appraisal review to manage risk. Its purpose is to verify value conclusions and alert the lender to any additional risks associated with the property.
- Appraisal reviews are helpful in supporting litigation and dispute resolution matters either to lend credibility to conclusions of previous appraisals or demonstrate shortcomings.
- Appraisal reviews are used to assess work products of appraisers for clients who have little knowledge of appraisal and/or have no internal appraisal capabilities.
Our appraisal reviews adhere to FIRREA and USPAP requirements as well as the client’s guidelines. We review the data and data adjustments, valuation methodologies, and valuation analysis to determine if conclusions in the report are appropriate and reasonable, developing reasons for agreement or disagreement. The appraisal review report is made in accordance with Standards 3 and 4 of the Uniform Standards of Professional Appraisal Practice (USPAP). If any discrepancies or deficiencies are identified in the appraisal report, we will work with the appraisal firm to clarify and resolve the issue(s). If a report has been found to require clarification or revisions, we will review the revised appraisal report to determine that review comments have been adequately addressed and documented.