Real Estate Appraisal Appeal Process
We recognize that there are times when borrowers may wish to have the appraiser reconsider an aspect or aspects of the appraisal. Our staff is ready to assist you if ever you require this review. There are, however, some critical components to ensuring a compliant reconsideration.
Regulations restrict any mention of a desired value – or even value range – in any communication with appraisers – including in a reconsideration of value request. You’re welcome to offer additional data, comps or ask for additional explanations as to how or why a conclusion was reached – but you may not hold and state as your opinion a value that you would prefer. That is solely the responsibility of the appraiser. We have the best panel in the industry and we need to trust their expertise. That’s not to say we can’t all question a report, just that we all do so in a code compliant fashion.
Three Situations That Could Trigger an Appeal:
- There is an error or omission on the appraisal for the subject property that, when corrected, should alter the opinion of value set by the appraiser.
There is an error or omission on the appraisal for a comparable property that, when corrected, should alter the opinion of value set by the appraiser.
There were other recent sales/comparables that were not used in the report that should have been considered (recent sales is 90 days prior to the inspection date – up to six months prior may be acceptable in some circumstances).
If you questions about this policy – or anything about our Real Estate Appraisal Appeal Process- you’re always welcome to call us at anytime at 336-993-1777.