6 Elements of a Good Appraisal
These are the 6 characteristics that should be present in any residential appraisal.
If you have questions or concerns about the quality of an appraisal, this Info-graphic on the 6 elements that should be present in every appraisal, will provide you with great direction. Use this tool to dispute the reliability of an appraisal! Speaking in these terms and highlighting the quality issues, as outlined in this graphic, will help you appear credible and reasonable when bringing a complaint to the lender. Simply complaining about the estimate of value only tells the lender and the appraiser that you are disgruntled over the number. It takes PROOF that an appraisal is unreliable in order to get it thrown out and get a new appraisal ordered.
Sometimes it's hard to tell why or how an appraiser came up with a final conclusion of value. In this info graphic, I present the 6 quality related issues that I analyze when performing an Appraisal Review. If these can't help you better understand the appraisal report in front of you, you may have substantial basis for a complaint or to request a new appraisal.
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Course Curriculum
Your Instructor
Megan Johnson Judd is a State-Certified Residential Real Estate Appraiser, RD3035, and has been appraising all types of residential properties in Central Florida for over 29 years. A Candidate for Designation with the Appraisal Institute, she receives near constant education from the world's leading appraisal education resources. Megan is a court appointed expert and specializes in complex assignments, litigation support, court testimony and education. Her formal training as a Review Appraiser has resulted in a skill set that not only enables her to use a multitude of tools by which to analyze data and develop her own reliable and concise appraisal reports but also to review the work of others in an effort to strengthen their work product.
Megan approaches all of her work with a focus on ethics and education, rooted firmly in the belief that no dilemma is so great that it cannot be solved by honest and fact based communication. Her career has been the result of many years of great advancements and small setbacks, each met with the same attitude that through collaboration and education we can all obtain proficiency.
Megan has given lectures to the Orlando Regional Realtor Association, the Orange County Bar Association and the Central Florida Bankruptcy Law Association, as well as to several area real estate and mortgage brokerages. She has acted as a Mentor/Supervisor to many Trainee Appraisers and is the author of several Residential Real Estate Appraisal based courses.
A mother of three and the owner of Metropolis Real Estate Solutions, LLC, an Orlando based real estate brokerage and appraisal firm, she has become a master of multi-tasking. Her hobbies include reading, travel, writing, cooking, camping, and interior design. Oh, and eating. Eating all of the things. Don't forget about eating.
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Appraisals for lending and mortgage financing are prepared according to the requirements of that lender and any Government Sponsored Enterprise that may be insuring the loan. Sometimes this means that there are specific actions taken or certain elements of an appraisal that are evident only to that lender or mortgage provider. This doesn't mean, however, that the appraisal should lack logic or basic reasoning. If the appraisal you have in front of you is lacking any one of the 6 Quality Elements that I've outlined, you just might have the justification to request that a new appraisal be prepared.