A review appraiser examines an appraisal’s supporting documentation to ensure its accuracy. This may be required as part of the process of obtaining a loan or insurance policy on real estate, in which the issuing institution wants to verify the property’s value. In the interest of consistency and fairness, government agencies may also have a mandatory review process before making purchases or providing compensation. For jobs in this field, several years of real estate appraisal experience are usually required, as well as a valid appraiser license if required regional authorities.
Any documentation generated during the original appraisal can be submitted when a property is referred for review. The review appraiser examines the professional appraiser’s report, as well as other documents and information related to the property. Contractor and pest control statements, information on historic properties, and other relevant information are examples of this. Some properties may require a site visit, which allows the appraiser to personally inspect the property, verify statements and claims, take photographs, and generate documentation.
The appraiser may look at comparable properties and valuations generated standardized software during the review. All of this information can be combined to see if the original valuation was accurate. It should adhere to professional organization standards and practices, as well as internal guidelines. Property values that were incorrectly or inconsistently valued may be flagged the review appraiser for further investigation to determine the source of the error.
Given standards and practices, current market conditions, and what is known about a property, reviews may reveal that it is reasonably valued. On the basis of the original value estimate, the review appraiser can recommend taking action, such as generating a property insurance policy. Documentation can provide information about the specific nature of the issue and the recommended adjusted value if there is a problem with the original appraisal. A site inspection, for example, may reveal that a home advertised as having two bedrooms actually only has one.
To work as a review appraiser, you may need five to seven years of experience. It can also help to be a member of a professional organization of appraisers, as this shows an interest in adhering to industry standards and practices. Subscribing to trade publications and attending conferences can help appraisers stay up to date on developments that may be relevant to accurately and impartially valuing real estate.