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4150.1 REV1 CHAPTER 9. REVIEWS OF APPRAISAL REPORTS SECTION 1. 91. THE DESK REVIEW PURPOSE: A. The review has three major purposes: 1) 2) To determine quality and efficiency of work completed by appraisers,

How to fill out reviews of appraisal reports

How to fill out reviews of appraisal reports:

1. Start by thoroughly reviewing the appraisal report. Take note of any discrepancies or errors in the information presented.
2. Check the accuracy of the property description, including the size, condition, and location. Ensure that all relevant details are included and are correctly stated.
3. Evaluate the methodology used by the appraiser. Assess whether they have followed appropriate standards and guidelines in assessing the property value.
4. Examine the data and comparable properties used in the appraisal. Determine if they are relevant, recent, and accurately represented in the report.
5. Assess the appraiser's analysis and conclusions. Look for any inconsistencies or unsupported claims.
6. Provide constructive feedback in the review. Clearly communicate any concerns or recommendations for improvement.
7. Summarize your overall opinion of the appraisal report in a clear and concise manner.

Who needs reviews of appraisal reports:

1. Lenders: Lenders rely on appraisal reports to determine the value of a property before providing a mortgage or loan. They need to ensure that the appraisal report accurately reflects the property's value to make informed lending decisions.
2. Real estate agents: Real estate agents may review appraisal reports to assess the appropriateness of the property's value for listing or sale purposes. They can use the appraisal report to provide guidance to sellers or buyers.
3. Homeowners: Homeowners may request a review of an appraisal report if they believe their property has been undervalued. By obtaining a review, they can potentially dispute the initial appraisal and justify a higher value for their property.
4. Appraisers: Appraisers may review each other's appraisal reports to ensure quality control within the industry. This helps maintain consistency and accuracy in assessing property values.

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What is reviews of appraisal reports?

Reviews of appraisal reports involve evaluating the accuracy and completeness of an appraisal report before it is used for decision making purposes.

Who is required to file reviews of appraisal reports?

Appraisers, lenders, and other relevant parties may be required to file reviews of appraisal reports depending on the regulatory requirements.

How to fill out reviews of appraisal reports?

Reviews of appraisal reports are typically filled out by comparing the information presented in the appraisal report with relevant market data and appraisal guidelines.

What is the purpose of reviews of appraisal reports?

The purpose of reviews of appraisal reports is to ensure that the appraisal report is reliable and credible, and that it meets the required standards.

What information must be reported on reviews of appraisal reports?

Information reported on reviews of appraisal reports may include the date of the appraisal, the appraiser's qualifications, the property information, and the value conclusion.