Getting a home or business appraisal is a key part of informed decision-making, real estate transactions, and business mergers, acquisitions, and other operations. While the results of an initial appraisal could be precise, having an appraisal reviewed by a professional is always a good idea. If you’ve been searching for Cincinnati appraisal review companies that can provide accurate, timely appraisal review services, look no further than Allstate Appraisal. Reach out to us today to learn more.
A property, business, or real estate appraisal is an official opinion about the value of real property. An appraisal is conducted by a neutral, third-party appraisal that will issue a final opinion on the property’s value. Appraisals are most common in the real estate process, as the vast majority of lenders require an appraisal before issuing a loan. But appraisals are also useful in other situations: for example, an appraisal might be useful for a seller who wants to learn a property’s value before listing it; a property owner who wants to learn value in comparison to other properties to inform decisions about property improvements; or a business owner who is hoping to merge with or acquire another business. Appraisals may be required to secure lines of credit or loans, too, especially if the property is being listed as collateral.
Appraisals are useful in various situations. However, an appraisal is only truly valuable if it is accurate. That’s where an appraisal review comes in.
An appraisal review is an objective process for measuring appraisal work against established standards and logic; in other words, it’s an assessment of an appraiser’s work and outcome to ensure that the appraisal was conducted according to industry standards and came to a reasonable conclusion based on the evidence. The person who conducts an appraisal review should have no underlying relationship with the original appraiser to ensure that there is no bias involved in the review process. The review appraiser will draft a review report that analyzes the scope of work performed, conformity to regulations, methodology used, and logic in the original report.
Requesting an appraisal review is an important part of 1) making sure that appraisal is accurate and that you have the best information possible to inform any future decisions, and 2) making sure that the appraisal will stand up to any challenges. If an appraisal is challenged by another party and there is no review report in place, the appraisal may need to be redone—an expense and hassle you don’t want to deal with. At Allstate Appraisal, we have a formal rebuttal process in place to defend our appraisals and appraisal reviews.
To learn more about the appraisal review process and our appraisal services for real estate and residential and commercial businesses, call us today. We are one of the best Cincinnati appraisal review companies in the area. Get in touch today to learn more.
If you have a question or would like to place an order for an Appraisal or Review, please fill out the form below. Once you’ve submitted your order, someone from our office will contact you within 1 business day to confirm your order or answer any questions.