Name: Bill Wesen
Job Title: Residential Home Appraisal Reviewer
Where: Minneapolis/St. Paul, MN
Years of Experience: 10
Other Relevant Work Experience: Electrical Engineering
Education: Bachelor of Engineering
Salary: Research the median salary for appraisal reviewer.
What is the Salary for a Home Appraisal Reviewer?
This Salary Story focuses on a real estate career that is more behind-the-scenes than an appraiser or real estate agent. We'll find out exactly what a home appraisal reviewer does, how to get started as a real estate appraiser, and some of the challenges you can expect to face in this career. For more info on real estate salaries, check out the links after the interview.
PayScale: What is your home appraisal reviewer job description?
An appraisal reviewer is not much different from an appraiser, it’s simply the next step up the line. As an appraisal reviewer, I analyze the quality of residential home appraisal reports. This means that I read the appraisal reports and check that they have everything they need, and that the appraisers who wrote the reports did everything they were supposed to do. First I read the report, and make sure it is the right report type for the house. There are different reports based on whether it is a single home, multifamily, land, condominium, or cooperative property type. I have to check the address; surprisingly enough it is easy to make a typo on a report for something as simple as the address. Then there are many appraisal requirements the appraisers have to meet in the report. I have to make sure the appraisers did the correct procedures the right way; it is easy to skimp out on a necessary time-consuming procedure. There are procedures for measuring the house, finding comparable properties nearby that have been sold recently, and taking pictures of these comparable properties as proof that the appraiser did what he or she was supposed to. Many appraisers dislike having to visit comparable properties to get an idea of what the local open market is; instead of visiting the comparable properties, they take pictures off the internet.