How to Request an Appraisal Review

You have the right to request a review of your appraisal. If you think your home was appraised for less than it’s worth, follow these steps to request a review.

Checkout this video:

Introduction

If you believe that your appraised value is too high, you may request a review of your property tax assessment. While the assessment process is confidential, you have a right to know how your property was valued and what comparable properties were used in the evaluation. The following information will help you understand the process and what to expect.

What is an Appraisal Review?

Appraisal reviews are performed by an independent appraiser who reviews the work of the original appraiser. The purpose of the review is to make sure that the appraisal was conducted properly and that the value arrived at is accurate. Appraisal reviews are typically requested by the lender, but sometimes the borrower may request one as well.

Why Would You Request an Appraisal Review?

You might request an appraisal review for a number of reasons. Maybe you think the appraised value is too low, and you want to try to get a higher value so you can sell the property for more. Maybe you think the appraised value is too high, and you want to lower your property tax bill. Or maybe you just want more information about how the appraisal was done so you can be sure it was accurate.

Whatever your reason for requesting a review, there are a few things you should keep in mind. First, understand that the appraiser may not change the value just because you ask them to. They will only change the value if they find that their original appraisal was inaccurate in some way. Second, be prepared to provide evidence to support your case. If you think the appraised value is too low, for example, be ready to provide comparables of similar properties that have recently sold for more than the appraised value. The more evidence you have, the better your chances of getting a favorable result from the review.

How to Request an Appraisal Review

If you feel that your home has been appraised for less than it is worth, you can request an appraisal review. The first step is to contact the appraiser who did the original valuation and explain your concerns. If you are not satisfied with the response, you can then file a formal complaint with the appraisal district.

What Happens During an Appraisal Review?

An appraisal review is conducted when there is a disagreement between the appraiser and the client about the value of a property. The review is conducted by another appraiser who was not involved in the original appraisal. The reviewing appraiser will consider all relevant documentation, including the original appraisal report, photos, property information, and any other supporting documentation. After conducting their own research, the reviewing appraiser will provide their opinion of value.

How to Prepare for an Appraisal Review

If you disagree with your property’s appraised value, you can request an appraisal review (sometimes called a “recalculation”). During an appraisal review, a different appraiser will take another look at your property to determine its value.

Before requesting an appraisal review, it’s a good idea to:

-Gather recent sales data for similar properties in your neighborhood. This will help the appraiser see your property in the context of other properties in the area.
– Compile a list of any improvements you’ve made to your property, along with an estimate of the cost of each improvement.
– Collect any other information that you think might be helpful to the appraiser, such as photographs or plans.

When you’re ready to request an appraisal review, contact the Appraisal Review Board for your area and follow their instructions.

What to Do if the Appraisal Review Results are Unfavorable

If you are not satisfied with the results of your appraisal review, you may have the option to file a complaint with your lender. In some cases, you may also be able to file a complaint with your state’s banking commission or other regulatory agency.

How to Appeal an Unfavorable Appraisal Review

If you receive an appraisal that you feel is unfair, you have the right to request a review of your application. Here are some tips on how to appeal an unfavorable appraisal review:

1. Talk to your appraiser. The first step is to try and resolve the issue with your appraiser. They may be able to explain why they gave you a lower rating and what you can do to improve in the future.

2. Get a second opinion. If you are still not satisfied with the outcome of your appraisal, you can request a second opinion from another appraiser. This will give you a chance to have your property re-evaluated by someone else.

3. Submit a formal complaint. If you have tried the first two steps and are still not happy with the result, you can submit a formal complaint to the Appraisal Review Board (ARB). The ARB is a government body that reviews appraisal complaints and can order re-appraisals if they find that the original appraiser made errors in their evaluation.

Tips for Successfully Requesting an Appraisal Review

An appraisal review is a process whereby a property owner or tenant requests that a professional appraiser review and provide an opinion on the value of real property that has been appraised. The appraisal review process is triggered when the property owner or tenant disagrees with the appraised value and believes that the value is too high or too low.

There are two types of appraisal reviews:
-A rental review, in which the appraiser reviews the rental value of a property; and
-A sale price review, in which the appraiser reviews the sale price of a property.

If you are planning to request an appraisal review, there are certain steps you can take to improve your chances of success. Here are four tips:

1. Make sure you have a valid reason for requesting a review. Simply disagreeing with the appraised value is not enough. You will need to provide evidence that the appraised value is inaccurate. This might include comparable sales data, rental data, or other market information.

2. Be prepared to pay for the appraisal review. Appraisal fees are typically paid by the party requesting the review, and they can be expensive (several hundred dollars or more). Make sure you are prepared to pay this fee before you request a review.

3. Choose an experienced and reputable appraiser. The success of your review will depend in large part on the quality of the appraiser you choose. Make sure to select an experienced professional who is familiar with your local market and has a good reputation.

4. Follow up after the appraisal review is complete. Once you receive the results of the appraisal review, take some time to understand them fully. If you still believe that the appraised value is inaccurate, you may want to consider appealing it through your local tax assessor’s office or taking other legal action.

Conclusion

If you are not satisfied with the value of your property as determined by the appraiser, you may request a review of your appraisal. The first step is to contact the appraiser directly to discuss your concerns. If you are still not satisfied, you may file a formal complaint with your local tax assessor.