The Appraisal Shop, llc

All Matters of Residential Real Estate Valuation, Consulting & Sales

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SERVICES & INFORMATION

appraisal review

In today's appraisal business, lenders are demanding more work from appraisers and paying the appraisers lower fees. Typically when the borrower pays the appraisal fee as part of the mortgage application, the same amount is not paid to the appraiser. This fee is split many wanys with the appraiser often receving a small portion of the actual fee you pay. This leads to many less experienced apprasiers taking assignments they are not qualified to handle. This also leads to many errors in appraisal reports as many apprasiers sub out portions of the appraisal process. For instance, there are currently companies that will type an appraisal report for the appraiser for $15. It is my opinion this is a dysfunction of the profession. When I accept an appraisal assignment, I complete the assignment from start to finish. If you have received a bad appraisal, I can review that appraisal and provide you with assistance as to how you can proceed to correct the problem.  This typically involves me reviewing the the appraisal report and writing a letter for you explaining the factual and regulatory errors in the report.  I will also provide better comparable sales if available. Even if the best comparable sales available were used it does not necessarily mean they were adjusted properly and errors were not made.  My service provides you with information that you can provide to your lender to have the appraisal report corrected or provide you with a second and more competent appraiser at their expense. I will review the report you have for free and let you know if I think you have a case. If you have a case and want to proceed, my fees vary based on the complexity of the review. No fee's are charged until my client is fully aware of the how many errors are in the original appraisal report and how sucessful I feel the case will be. I have reviewed over 1,000 reports in my career, very few did not have errors. I also provide this service to many of my fellow real estate agents dealing with appraisal contingency issues.