By Joseph T. Ellington Jr., Licensed Residential Appraiser · Capital Valuations
If a private appraisal surprises you, ordering another report immediately may not resolve the concern. First determine whether the issue is a property fact, the analysis, or a different valuation question.
An appraisal review examines another appraiser’s work within an agreed scope. A second appraisal develops a value opinion for a defined assignment. A review can include an opinion of value when that is specifically part of its scope, but it should not be assumed to do so automatically.
Begin with the report’s actual question
Read the effective date, intended use, property interest and assumptions. A report about an earlier estate date should not be compared directly with a current sale estimate as though both describe today’s home.
Also check whether the property was valued in its existing condition or under a stated completion premise. My as-is versus as-completed explanation shows how two legitimate questions can lead to different conclusions.
If the report simply does not answer the decision you now need to make, a new assignment may be appropriate. That is different from showing that the original work is deficient.
Separate a factual correction from a value demand
A missing bathroom, incorrect parcel or documented floor-area discrepancy can be stated specifically. Provide the source and explain why you believe it is relevant. A request for a higher or lower number is not evidence.
For a private assignment, use the communication process established with the original client and appraiser. For a lender-ordered report, follow the lender’s process; my reconsideration-of-value guide addresses that route. A separately ordered private report does not bypass lender requirements.
Keep a concise issue list. Attach relevant records instead of sending a large collection of nearby listings with no explanation of comparability.
Choose the route that matches the concern
| A property fact appears wrong | Send the original appraiser a focused correction request with a source, through the authorized channel. |
|---|---|
| The reasoning may be unsupported | Ask about a review of the complete report and define what the reviewer should examine. |
| The date, property or purpose changed | Discuss a new appraisal answering the new question. |
A useful issue list connects the disputed fact to the analysis. Quote the relevant page, supply the record and ask how the fact was treated. An appraiser can evaluate a precise issue more effectively than a request to replace all comparables with the three highest sales.
When a review fits
A review can be useful when the question concerns the credibility, reasoning or completeness of an existing report. Share the complete report, its exhibits and the concerns you want examined.
Our appraisal review service describes this residential work. The scope should state what will be reviewed, whether an inspection is included and whether a separate value opinion is requested.
A review is not a promise to overturn the first conclusion. A careful reviewer may find that the existing work is adequately supported, identify a material issue, or conclude that further information is needed.
When another appraisal fits
A new appraisal may fit a new date, changed property condition or a different intended use. It can also provide an independently developed opinion where the client genuinely needs one rather than an evaluation of another report.
Disclose the existing report and the purpose of the new order. I do not accept an assignment on the condition that my conclusion must beat, match or reverse someone else’s value.
If two reports differ, compare their definitions, dates, rights, facts, assumptions and market evidence before choosing a midpoint. The reconciliation article explains why averaging figures is not a substitute for weighing evidence.
Bring a precise question to the first call
Useful requests sound like “the report uses a different parcel area than our survey” or “we need today’s value, but this report addresses a historical date.” They give us something to investigate. “I need another appraiser to agree with my asking price” does not define an independent valuation problem.
Send the property address, report date, intended use, complete report and a short issue list. Explain any deadline or anticipated legal proceeding before the scope is agreed.
For a Virginia Beach or Hampton Roads property, contact Capital Valuations to discuss which route fits. Also clarify who is authorized to receive the review or new report before ordering.