APPRAISAL REVIEW
Appraisal review is an important quality control or audit function. An appraisal review is the process of developing and communicating an opinion of the quality of another appraiser's work. In an appraisal review the reviewer expresses opinions regarding the completeness, adequacy, relevance, appropriateness and the reasonableness of the work under review. It may or may not include opinions regarding value.

Most appraisal reviews are performed to determine whether the appraisal report's conclusions are consistent with the data reported and other generally known information. The reasonableness of any hypothetical conditions, extraordinary assumptions or general limiting conditions is also considered.

The function of the review appraiser is not to appraise the property but to examine the contents of the appraisal report and form an impartial and objective opinion as to its adequacy and appropriateness. Additionally, the reviewer judges the reasoning and logic of the appraiser's work. Depending upon the scope of the review assignment it can include the verification of the reported data and other due diligence.

The principals of Gadd, Tibble & Associates, Inc. are uniquely qualified for appraisal review assignments because of their hands-on involvement in development of Federal appraisal standards as well as teaching appraisal standards and theory. Gadd, Tibble & Associates, Inc. is a multifaceted appraisal firm having the experience, ability and capability to review appraisals of a wide variety of property types, including complex properties with complicated valuation issues. As a result the firm has completed numerous appraisal reviews on a number of different property types for various intended uses.

In most instances appraisal review assignments completed by Gadd, Tibble & Associates, Inc. are technical reviews. A technical review is a review in which Gadd, Tibble & Associates, Inc. develops an opinion as to whether the analysis, opinions and conclusions in the work under review are appropriate and reasonable. The Firm also provides reasoning for any disagreements with the information under review, including in some instances, opinions regarding value conclusions. In the Firm's technical review capacity, opinions are developed regarding the completeness of the material under review; the apparent adequacy and relevance of the data; the propriety of any adjustments made to the data; the appropriateness of the appraisal methods and techniques used; and, the reasonableness of the reported conclusions.

Often Gadd, Tibble & Associates, Inc. is requested to determine if the appraisal and appraisal report under review comply with the relevant Uniform Standards of Professional Appraisal Practice requirements

The following are the most common appraisal review assignments which Gadd, Tibble & Associates, Inc. has completed.

Litigation Support - Review and testify, regarding plaintiff's and/or defendant's appraisals

Ad Valorem - Review and testify, regarding tax-payer's and/or taxing body's appraisals.

Financial - Appraisal review of loan portfolios

For more information on appraisal reviews, call us at (630) 668-2550 or
contact us online

Gadd, Tibble & Associates Inc.
417 W Roosevelt Rd Ste 200
Wheaton, IL  60187
P: (630) 668-2550
F: (630) 668-9946
www.gaddtibble.com