“In virtually every trade and profession, certain persons review, critique, inspect, examine, cross-check, retest, question, judge, or comment on the work of others. The essence of appraisal review is to investigate, analyze, and verify the logic and procedures used in appraisals and to ensure the preparation of competent and thorough reports that result in sound value opinions. Ultimately, the purpose of an appraisal review is to reinforce the client’s confidence in the credibility of the appraisal and the conclusions it presents.”
Source: Richard C. Sorenson, MAI. Appraising the Appraisal: The Art of Appraisal Review, 2ndedition, Chicago: Appraisal Institute 2010, p.1, ©2010 Reprinted with permission from the Appraisal Institute, Chicago, Illinois. All Rights Reserved.
My appraisal practice specializes in the review of real estate appraisal reports. Primarily, I review appraisals that have been prepared on commercial, industrial, multi-family and special-use properties. I also review appraisals prepared on single family dwellings. My clients include, but are not limited to, banks, public agencies, insurance companies, attorneys, private individuals and other appraisers.
I have been reviewing appraisals for about twenty years and have reviewed some of the same appraisers’ work for as long! Currently most of the appraisals I review are those that have been completed and submitted to the client. In years past, I have also spent significant time reviewing draft appraisals before they were submitted to the client. I continue to provide both types of review services. The second type of review is generally prepared for other appraisers and follows a scope of review detail tailored to the appraiser-client.
One of the reasons that I enjoy the review side of the appraisal profession is that I am able see how different appraisers successfully handle similar appraisal problems in different ways. Because I can work a broad market area as a reviewer, I also gain an understanding of how similar real estate situations can be analyzed differently in different markets.
Much of this type of work is designed for appraisers who wish to accept unusually complicated or lengthy assignments but do not wish to add staff for those purposes. I can prepare any part of the research or analysis and can review any associated reports before they are submitted to the client. I can also complete project work for lenders including internal quality control work. Work can be completed remotely from my Berkeley, California area office or in another office within reasonable commuting distance.