Appraise This

In a past career-life I taught High School.  Maybe there is a little bit of teacher left in me...  Could it be that I didn't get enough of grading papers?  I'm not sure.  But I LOVE doing Review Appraisal Assignments. 

My philosophy on reviews is simple: start with an open mind, examine all evidence, and evaluate the Subject Appraisal Report in the context of the original Scope of Work at the original Effective Date.  In other words, grade the paper based on the original assignment - and don't expect the student to have information that wasn't available to them in the first place.

I like Reviews for two main reasons:

1. Since the market downturn and dramatic increase in foreclosures, it is more important than ever for lenders to make sure the collateral is appropriate for their loan.  I can help them to do that.  If an Appraisal Report comes into question due to obvious error or if a random quality assurance check is needed, a Review Appraisal can be used to ensure that the original Appraisal Report is accurate and reliable - or correct errors and present a more reliable result.  I think this service is vital in the changing lending market.

2. I can support an Appraisal Report that doesn't fit the current mold.  This is my favorite type of assignment.  Often Appraisal Reports will come into question merely because the market of the subject property does not lend itself to the strict underwriting guidelines currently in use.  In other words - too many red flags!  Comps too far away, too many adjustments, line adjustments are too large, sales too old - the list goes on and on.  In the current topsy turvy market there are often reports that don't meet UNDERWRITING guidelines, but they still meet proper APPRAISAL practice and give reliable and accurate results.  I have appraised properties in areas FULL of unique and downright oddball properties - so I am well aware of the many chasms between underwriting and reality.  I understand when rules need to be followed, but also how an Appraisal Report should give support if guidelines cannot be met.  If the Appraisal Report has red flags, I can determine what is a real issue, and what is due simply to the constraints of the available market data.  

The main focus of a review is whether or not the Subject Appraisal Report is accurate and reliable.  I not only correct errors, but I give an explanation on what is wrong and what is right, what is typo and what is poor appraisal practice. 

I recently took a set of Review Appraisal classes from NAIFA (National Association of Independent Fee Appraisers) and feel that my Review skills are better than ever.  I hope to expand my Review business so that I can do more of the assignments that I love!

Check out our web page on Review Appraisals!

http://www.barnesfamilyappraisal.com/Review