When Are Appraisal Review Services Needed? 

At Allstate Appraisal, we offer appraisal review services in addition to our residential and commercial appraisal services. If your appraisal has been challenged or you would like it reviewed by a professional, our team can help. Reach out to us online or by phone to learn more about our appraisal review services and how to get started. 

What Is an Appraisal Review?

As defined by the American Society of Appraisers, an appraisal review is an “objective exercise measuring appraisal work against established standards and logics….the act or process of developing and communicating an opinion about the quality of another appraiser’s work that was performed as part of an appraisal.” 

When an appraisal review is conducted, it will be completed by a neutral third party who has no personal relationship with any of the parties involved, including the original appraisal. The appraisal review will create a report that comments on the apparent accuracy and thoroughness of the appraisal. 

When Is an Appraisal Review Service Needed?

There are multiple reasons why appraisal reviews services can be helpful or required:

• In some cases, an appraisal review may be part of an internal business practice that is used to review an appraiser’s work and ensure that appraisers are performing up to standards.
• A client may request an appraisal review, just as a client in another industry may request a second opinion from a professional. 
• An appraisal review can help to reinforce the legitimacy of an appraisal and a client’s confidence in the report.
• A lending institution may require an appraisal review as part of its strategy for managing lending risk. 
• In the event that there is a dispute or any litigation regarding the outcome of an appraisal, an appraisal review can be a useful tool in resolving these conflicts.

At Allstate Appraisal, we understand the value of an appraisal review. As such, each appraisal that we perform is reviewed by a Review Appraiser within our office. At the completion of the appraisal review, the appraisal will either be sent back to the original appraiser for corrections, or it will be forwarded on to our Chief Appraiser for final review. Having multiple professional appraisers review an appraisal before it is finalized ensures consistency and quality. 

Learn More About Appraisal Reviews with Allstate Appraisal

To learn more about appraisal reviews in Chicago or to request an appraisal review from Allstate Appraisal, please reach out to our team directly online or by phone to get started.