COMMON MISTAKES TO LOOK FOR IN A REAL ESTATE

APPRAISAL

Joseph Mignone Delaware

Though he is an experienced real estate appraiser with many years of working in the field under his belt, Joseph Mignone Delaware recognizes that mistakes are occasionally made by appraisers, especially those who are new to the industry. As such, if you are getting a property appraised, try to keep an eye out for the following common errors so that you can discuss them with your chosen professional.

NO HIGHEST AND BEST USE ANALYSIS

The highest and best use analysis should be used to determine the value of a property if it is used to its fullest potential. Many new appraisers make the mistake of creating valuations based on the current use of the property, without considering how else it could be used. If you think your property has more potential than is considered in the appraisal, make sure to raise the issue.

EXCLUDING APPROACHES TO VALUE

Your appraisal should contain a number of approaches to value that explain how your appraiser has reached various decisions. In some cases, approaches need to be excluded for legitimate reasons, which should be outlined in the document. If you see that an approach has been excluded, but there is no reason as to why, it may be good to enter further discussions about the omission.

FACTUAL ERRORS

Joseph Mignone Delaware notes that if appraisers haven’t paid enough attention to the facts, some other areas of the appraisal may be inaccurate. Check the basics, as human error can happen. Simple things, like listing a three-bedroom property as a two-bedroom, can have serious effects on the final valuation.

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