If you’re like most people, you’re probably thinking to yourself, what is USPAP and how is this important to me. USPAP stands for Uniform Standards of Professional Appraisal Practice and is a set of generally accepted standards that is applicable to most U.S. appraisals. These standards set forth what should be included in a proper appraisal and are important because it assures the public that the valuation will be performed in a competent manner and that the results will be credible.
On the flip side, a diminished value appraisal that doesn’t follow USPAP standards could be considered un-credible, biased, and improper. Non-compliant appraisals are easily discredited and dismissed and if you wind up in litigation and are asked if your appraisal is USPAP compliant and it isn’t, it may not be accepted in court.
The Main Benefits of having a USPAP Compliant Appraisal Include the Following:
• The appraisal conforms to generally accepted and recognized standards of appraisal practice
• Meets quality control standards for proper conduct of appraisal
• Prepared without bias and in a manner that is objective and impartial
• Provides greater credibility and a convincing determination of value
• Worthy of belief
• Accepted by insurance companies, IRS, courts, and financial institutions
• Instills confidence that the appraiser is properly trained through education, experience, and knowledge about the subject property that’s being appraised
Diminished value appraisers who opt to comply with USPAP hold themselves to a higher standard. Insurance adjusters reviewing your documentation recognize this and will take your diminished value claim seriously. On the other hand, poorly trained or insufficiently qualified appraisers can weaken your position and could get your claim denied.
DVCHECK’s diminished value appraisals are USPAP compliant and are based on industry leading sources and data. We are formally trained in USPAP, having passed the 15-hour course. Don’t take a chance with unqualified diminished value appraisers that don’t have the expertise and credentials to maximize your diminished value recovery.