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Appraisal Reviews and the Rebuttal Process

September 3, 2014

NEBBlogoLet’s say you ordered an appraisal of your machinery and equipment. You hired a certified appraiser who put together a detailed report of the value of your items, along with supporting documentation and how they were able to derive the value.

But what if you disagree with the appraiser’s opinion. Is it set in stone?

By no means. You have every right to voice your opinion on the appraiser’s opinion, so you can order an appraisal review. During this review, if the reviewer points out issues with which the appraiser doesn’t agree, the appraiser can provide a written rebuttal to explain why they believe they’re correct.

Since they have an interest in defending the original appraisal, the appraiser can, at least indirectly, offer an opinion on the quality of another appraiser’s work that was performed as part of an appraisal review, or that in the rebuttal the appraiser may not be able to be objective and unbiased.

USPAP states that an appraiser can defend (or explain) his or her appraisal, as long as they don’t offer an opinion on the quality of another’s work. A rebuttal where an appraiser simply provides additional rationale or support for his or her analyses, opinions, and conclusions is an acceptable practice.

Appraisals are supposed to be fair, impartial, and unbiased. But even if they are, there’s no guarantee that everyone’s going to agree with them.

The NEBB Institute endorses and strives to observe the highest standards of professional ethics to preserve the public trust inherent in the professional appraisal practice. The Institute provides initial and monthly comprehensive education, ongoing support, and a dynamic international network, and certifies professionals in the art of machinery/equipment appraisal and brokerage.

By: NEBB Institute

 

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