Appraisal Solution Blog

As appraisers we all know, underwriters, banks, and reviewers are watching our every move and rightfully so, but will your appraisal stand up to their scrunity? Are we doing what it takes to give them the confidence they need to ensure a proper collateral decision is made? Or does this scenario describe a past or recent encounter with the bank regarding your submitted appraisal?

1) Underwriting has cut the appraised value due use of 6 month old sales, now seen as dated?

2) Lack of current market data analysis leads bank or other review with little or no confidence in your appraisal?

3) Short sales and/or REO sales are driving the market without appraiser knowledge on how to determine this in the appraisal.

If your appraiser has not taken steps to understand this market, or has not done his/her due diligence on the appraisal, you could end up with an unsupported value or declined appraisal.

Ask the appraisal professional you hire what steps he/she is taking to ensure the appraisal they are hired to complete is comprehensive, complete and gives the bank etc. a feeling of confidence in his/her work. This will ensure your deal is not held up due to lack of appraiser knowledge.