My first commandment for appraisers is: Know the truth and let the truth set you free. In this context, it means that you are in control of both the appraisal development and reporting. Therefore, let no person coerce, threaten or influence your objectivity, impartiality, or independence.
After that, and based on my 10 years’ experience as Executive Director of the Kentucky Real Estate Appraisers Board, I have seen that the most common appraisal mistakes occur because of a failure to report credible assignment results. Here are six common appraisal mistakes and ways to avoid them. Value opinions may differ but the question is always: Is the report credible and defendable, no matter the value?