Valuation Management Group receives frequent requests from our clients for an appeal of the appraisal because the appraiser may not have completely and thoroughly commented on any renovations or improvements made by the owner. A common question is ‘did the appraiser consider the $50,000 I spent renovating and remodeling my kitchen/bathroom’.
The appraiser should clearly address in the appraisal report the degree of renovations and remodeling that have taken place in the last 15 years. VMG suggests appraisers interview the owner about any improvements to determine when they were completed. The appraiser should include photos of the renovations and remodeling in the appraisal. The old adage ‘a picture is worth a thousand words’ really comes into play when renovations and remodeling have occurred and can truly help the appraiser explain the quality and degree of the improvements. A well described improvement with pictures helps the reviewer and lender understand adjustments for condition and quality. The same theory applies to new construction as the appraiser should address all upgrades to the property.
Valuation Management Group appreciates it when appraisers clearly explain renovations and improvements that were considered and valued in the appraisal. In the long run, it also saves time for the appraiser if they do not have to address questions like, ‘did the appraiser consider our granite counter tops and new hardwood floors?’ after the fact.
Valuation Management Group is proud of its large panel of appraiser partners who work diligently to provide credible, clear and concise appraisals for our mutual client’s and their borrowers.
Valuation Management Group is a national, full service appraisal management service company that manages the appraisal process for financial institutions, banks, mortgage bankers, and credit unions. We offer the full array of commercial and residential appraisal products and services. We take the appraisal process from ordinary to extraordinary.