All of our clients have access to a custom comprehensive appraisal bid request form. To start the appraisal engagement process, a client first fills out this form with the necessary information, including property address, borrower information, and closing dates.

Once we receive a request, we first ensure that the subject is properly identified. For example, there have been cases where the purchase contract does not have the correct property address and cases where adjacent parcels should be included but weren’t originally identified as part of the subject.

Once we have determined that the subject is correctly identified, we dig right into one of the things we do best - research.

We thoroughly investigate the subject property, starting with any information found in the public record or adjacent parcels. Then, we go well beyond the basic research required and fact-check every single piece of information that will go into the letter, ensuring that the property is properly identified by legal definition, description of use, and by property rights. We also ask questions in order to gain a thorough understanding of the borrower’s intentions for the property, this way we can be sure all necessary details are presented for the appraisers to provide their very best bids.

Our meticulous attention to detail is a hallmark of MidLantic and it sets us apart from our competition. This allows us to correctly identify the client’s collateral to save our clients the stress of discovering critical information later, or worse, too late in the process. In other words, when getting it right matters most.

Next, we determine the best appraisers for the individual project, constrained by our clients’ approved appraisers list and based on our extensive experience in the market. We do this by taking into consideration certain priorities, including such factors as timing, past experience in the property type and/or experience in the specific geographic market area. 

As MidLantic fully understands the need for accuracy, quality and credibility of all appraisal reports, we ensure that only the most qualified appraisers are asked to bid on assignments. Once we’ve identified the best candidates for the project, we request bids from generally at least three appraisers, and take the time to correspond with them should they have any questions. We always ensure they fully understand the request because nobody likes surprises.

Once bids are received from the appraisers, we send them over to the client–on a blind basis, which preserves the independence in the process–giving them (and their borrower) the opportunity to select the bid based on deal-specific priorities, such as price or timing. MidLantic clients also have the added benefit of tapping into our extensive experience and long-standing appraiser relationships to gain insight and recommendations on who might best fit the assignment. Only after the client approves a bid are they notified of the appraiser selected.

Once the client has made a selection, we create the appraisal engagement letter to secure the appraiser’s services. In addition to notifying the appraiser that the assignment is theirs, we deliver to the appraiser everything that we have been provided by our client including rent rolls, leases, operating statements and contracts. During this stage, the client also receives a signed copy of the engagement letter.

At this point, many banks and lenders have to spend valuable time and effort communicating with the appraiser when a question or concern arises. But when MidLantic Financial manages your engagement process, you can trust that a keen eye is watching over the assignment. We are there to help solve problems and check in with the appraisers frequently, ensuring they have the information they need and that the report will be delivered on time, freeing you up to work on your next project.

Upon receipt of the appraisal report, our engagement team undertakes a preliminary review in order to ensure the following:

• Proper identification of the subject
• Correct property rights were appraised
• All requested values were delivered
• The report and invoice are addressed correctly and the quoted fee is accurately noted in the invoice
• In the event the purpose of the transaction is purchase-money, we look to ensure the appraiser has discussed any material difference between the “as is” market value opinion and contract price.

Upon completion of this preliminary review, our engagement team delivers the completed report and invoice to our client and to MidLantic’s review team.