COVID-19 & Best Practices for Real Estate Appraisers

I certainly hope that the concerns over COVID-19 are over dramatized.  But, I do think it is prudent to operate in the best interests of our clients, partners, organizations and the health of our families.  To that end, I wanted to provide clients and partners with clear communication as we navigate the difficulties of COVID-19, as well as potential opportunities from changing interest rates and economic conditions.

As an independent appraiser, I am fairly well positioned to minimize exposure risks, and do not anticipate any disruptions to capacity or scheduling at the present time.  I am taking reasonable precautions to minimize contact during site visits, including meeting with property owners and borrowers during off hours, and will be adjusting my schedule for evening and weekend site visits as needed.

Where appropriate, I am also encouraging clients to order concise appraisal reports with limited property inspections and scope of work.  In many cases, adequate property details can be attained from an exterior only or minimal interior inspection.  I will certainly advise otherwise if a particular property requires a more complete examination.

As an added benefit, I am typically able to provide a two-week turnaround time on concise reports, which can be prepared either as restricted use appraisals or as appraisal reports, depending on your needs.  If you are client and unfamiliar with this particular work product, I am happy to send you a sample report.

I look forward to our continued partnership.  If I can be of assistance in any regard, please do not hesitate to contact me.

Timothy Cronkright