5 Reasons to have your Appraisal Professionally Reviewed

There are actually a whole host of reasons to have your appraisal Professionally Reviewed but we decided to keep it short and sweet.

1. The appraiser could have made mistakes in calculations that could have a serious impact on the estimate of value given on the report that someone not well versed in appraisal review might miss.

2. The appraiser could have missed Comps that could have a serious impact on the given value. If comps that are more similar, more recent and or closer in distance are found that could impact value the appraiser should at least comment on why they were not used. Most appraisers will gladly look at comparable sales data that is presented, especially if thee data is current and accurate. Very often the only data sources consumers have to compare to the appraisal is places like Zillow and they are quite often very wrong.

3. The appraisal could have errors that could question the credibility or integrity of the report. Gross Living area can be grossly incorrect which can seriously impact the appraisers estimate of value.

4. Often times the appraisers put the reports together in a rush. The Banks review the appraisals in a Rush so with all that rushing, we have even seen appraisals go to closing that were not even performed on the correct property. Do you think that will impact your value? You bet it will.

5. Ok, lets face it, the government has given you the right to review your appraisal for three days. Why? Because it's important that you understand your entire mortgage from start to finish but also in reality, they are saying, buyer beware. If you believe that you understand the appraisal good enough and have a source to confirm the data in it then by all means review it your self and challenge anything you find wrong with it. If there is something in it you don't understand, post it on our forum for some answers.

We would welcome the opportunity to review the appraisal for you but our main concern is that you get it and review it, be an informed consumer. But if you are needing a professional to review it, let us make sure your appraisal is up to P.A.R.R.