What Are Review Appraisals?
Simply put, a review appraisal is a professional second opinion. Mortgage lenders use review appraisals to verify a property’s value before making a final decision on whether or not to proceed with a loan.
Since an appraisal is a crucial step in helping a lender avoid excessive risk, a review appraisal acts as quality control, verifying the original appraiser’s findings. Much like seeking a second doctor’s opinion on an important medical procedure, a review appraiser can address any concerns, offer greater credibility and deliver confidence to the mortgage lender.
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Desk Reviews vs. Field Reviews: What’s the Difference?
➢ Desk Review Appraisals:
- The appraiser goes through the original mortgage appraisal documents and checks the work of the original appraiser.
- The appraiser does not inspect or collect any firsthand knowledge of the property.
- The appraiser reviews the calculations of the original appraiser and looks for errors or miscalculations.
➢ Field Review Appraisals:
- The appraiser conducts an independent exterior examination of the property.
- The appraiser analyzes the original appraisal documents and checks the calculations, looking for errors or miscalculations.
- The independent inspection combined with the appraisal review affords a more qualified, informed assessment.
Why Choose Authority Appraisals?
At Authority Appraisals, we offer comprehensive, reliable review appraisals from our team of experienced appraisers. We provide both desk reviews and field reviews in order for lenders to verify an appraisals accuracy and minimize risk.
Authority Appraisals also can offer professional Brokerage Services under our sister company Rhodes & Associates Realty. For more information on our Brokerage services please visit us on the web at www.Rhodes-Associates.com
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