What questions should clients ask when interviewing or screening a firm for REO appraisal services?
Ask how long they have been providing this type of service and diligently reach out for information about their experience. This will help determine if they have the depth and breadth of experience required to properly value the assets. It is important they understand the entire process and the clients need to receive credible assignment results so they can market the property most effectively the first time. They should obtain information about appraiser training program(s), details about their on-boarding approval process, and if they’ve equipped themselves with the latest technology for workflow and delivery of reports back to their clients. Ask if they offer daily or monthly reporting for turn-times, corrections, time to market, and price to market.
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