Why do we verify / confirm our information ?

It is the responsibility of the appraiser to make sure that the data used in an appraisal report is accurate. Without confirmations from buyers, sellers and agents, the data supplied on deeds, affidavits and Internet databases generally does not disclose to anyone whether or not the sales price is correct.  Also not verified / confirmed is whether the sale was made under duress (the transaction was a forced sale), or if the sale had atypical terms (like Seller financing at a discounted interest rate).  It is also important to know, by contacting principals and agents, whether the sale utilized in an appraisal report was made at arm's length.  Sales made between relatives or between an individual and his corporation are not market sales since any value can be assigned and indicated on sales documents.

Similarly, verification / confirmation can resolve conflicts for the appraiser that are often found between the size of a site (or building improvement) reported by the Assessor and the size of the site (or building improvement) indicated by the owner or broker.

Appraisers are often surprised by what is disclosed by principals about their real estate transactions.  In our appraisal experience we have found that some principals in real estate transactions have indicated that their "deal" included undisclosed side payments, partial Seller carry-backs, personal property item like vehicles, business entities and / or continued employment promises.

Contact us with your questions or concerns regarding confirmations or regarding your specific appraisal assignment in Nevada at 1-702-568-6699.  We can also be e-mailed at grigdon@cox.net.  

Commercial Real Estate Appraisals in the Las Vegas & Henderson, Nevada Area.