Appraisal Reviews and Their Importance

15 Pages Posted: 26 Aug 2007

See all articles by James R. MacCrate

James R. MacCrate

MacCrate Associates LLC

Noreen Whysel

Information Architecture Institute

Date Written: July 30, 2007

Abstract

Many articles have been written on the art of reviewing appraisal reports by professional real estate appraisers for bank lending and litigation purposes. This article explains why attorneys, Judges, IRS, assessors and other individuals that obtain appraisal reports from third parties should have the reports reviewed by qualified individuals who are professional real estate appraisers. This article explains the review process, the guidelines that should be followed, and the conclusions that can be drawn from an appraisal review. Some of the reasons for divergencies between appraisal reports are discussed, such as fraud, incompetency, human error, and client pressure. The authors introduce some methods that might be employed in order to minimize conflicts, to promote justice and fairness in the appraisal and legal process.

Keywords: Appraisal Review, litigation support, uniform standards of professional appraisal practice, Real Estate Appraisal, international valuation standards

JEL Classification: L85, D74, G18, G21, G24, G38, H26, H79, K11, K42

Suggested Citation

MacCrate, James R. and Whysel, Noreen, Appraisal Reviews and Their Importance (July 30, 2007). Available at SSRN: https://ssrn.com/abstract=1009583 or http://dx.doi.org/10.2139/ssrn.1009583

James R. MacCrate (Contact Author)

MacCrate Associates LLC ( email )

PO Box 399
Glen Head, NY 11545
United States

Noreen Whysel

Information Architecture Institute ( email )

895 West End Avenue
#10A
New York, NY 10025
United States
917-826-9644 (Phone)

HOME PAGE: http://iainstitute.org

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