An independent review of an appraisal report to determine compliance with the USPAP and Supplemental Appraisal Standards, if any, the reasonableness of the methodology employed, and the resulting value conclusion.
GRHCo performs both Compliance and Technical Reviews and uses a three level approach to appraisal review:
- The client’s appraisal report substantially complies with the USPAP and the data and methodolgy are reasonble – a report is prepared attesting to this opinion.
- The report is determined to be deficient and/or to present unreasonable conclusions – material deficiencies are reported to the independent fee appraiser to bring the appraisal into compliance.
- Requests for revisions do not result in an acceptable appraisal – GRHCo takes the necessary steps to correct the deficiencies and/or conclude an independent value as part of the review. As such, the Reviewer is also becoming and appraiser subject to the Scope of Work rule.
G. Randall Hammond & Co. provides review appraisals nationally. The contract normally involves a tiered fee with maximums set at each level. GRHCo has extensive experience in this area and is uniquely qualified to provide appraisal review services. In the end, clients reduce costs by salvaging the original appraisal as part of the review process.