Do Not Accept an Appraisal If:
- It is handwritten or unsigned
- The fee is based on a contingency or upon the value of the property
- The appropriate "purpose" and "assigned use" are not stated
- The item is beyond the appraiser's expertise
- The appraiser is not willing and able to defend it in court (subject to the appraiser's availability, and separate fee arrangement)
A Competent Appraisal Report Has:
- A cover document explaining in detail what type of value is being sought ("purpose") and how the appraisal is to be used ("function" or "assigned use").
- The methodology and resources relied upon, including market analysis and market(s) selected.
- A complete and accurate description of the property written in such a manner that it can be identified without photos.
- The date(s) and location of inspection, and the effective date of value.
- A statement by the appraiser that he or she has no financial interest in the property, or that such interest in the property, or that such interest is disclosed in the report.
- The appraiser's qualifications and signature.
