Real Estate Analysis and Commentary in New Jersey

5 Red Flags to Look for in a Real Estate Appraisal Report
May 8th, 2023 2:48 AM

A real estate appraisal report is an important document that can have a significant impact on the value of your property. As a property owner, it's important to understand the appraisal report and be aware of any red flags that may indicate inaccuracies or inconsistencies. Here are five red flags to look for in a real estate appraisal report:

1. Incomplete or Inaccurate Information: Check that all the information in the report is accurate and complete. This includes the property description, measurements, and condition. Any missing or inaccurate information can affect the appraisal value.
2. Lack of Market Data: A reliable appraisal report should include market data and comparable properties that have sold in the area. If the report does not include enough data to support the valuation, it may be incomplete or inaccurate.
3. Significant Differences in Comparable Properties: When comparing properties, the appraiser should take into account the differences in size, location, and condition. If the appraiser uses properties that are significantly different from your property, it could affect the valuation.
4. Errors in Calculations: Check the calculations in the appraisal report, including the square footage and price per square foot. Any errors in calculations can affect the overall valuation.
5. Biased Opinions: An appraiser should be unbiased and impartial. If the appraisal report seems to favor one party over another or contains biased opinions, it could be a red flag.

If you notice any of these red flags in a real estate appraisal report, it's important to address them with the appraiser and seek a second opinion if necessary. By being aware of these red flags, you can ensure that the appraisal report is accurate and reliable, and that you get a fair value for your property.

Let Cardwell Thaxton do all your appraisal needs. He is experienced, accurate, reliable and knowledgeable about the real estate industry.

Tight And Right Real Estate Valuation
Cardwell Thaxton, New Jersey
(908) 456-1593

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