Vector Real Estate
Mediation & Housing Services
Appraisal Mediation
What is It
The real estate appraisal mediation process typically involves resolving disputes related to property valuation. Disputes may arise between property owners and appraisers, lenders, or other parties involved in a real estate transaction. Here is a general outline of the steps involved in the real estate appraisal mediation process
1
Identification of Dispute
The parties involved identify a disagreement or dispute related to the appraisal of a property.
Common issues include disagreements over property value, appraisal methods, or the inclusion/exclusion of certain factors.
2
Informal Communication
The parties may attempt to resolve the dispute through informal communication.
This could involve discussions between the property owner, appraiser, and potentially other relevant parties, such as real estate agents or lenders.
3
Requesting Mediation
If informal communication does not resolve the issue, either party may propose mediation.
The request for mediation is typically made in writing and should include a clear description of the dispute, the desired outcome, and any relevant documentation.
4
Selecting a Mediator
Both parties agree on a neutral third-party mediator with expertise in real estate appraisal.
The mediator should not have any conflicts of interest with either party.
5
Scheduling the Mediation Session
Once a mediator is selected, a mediation session is scheduled at a mutually convenient time.
All relevant parties, including the property owner, appraiser, and any other stakeholders, may participate in the mediation session.
6
Mediation Session
The mediator facilitates the discussion, allowing each party to express their concerns and proposed solutions.
The mediator helps guide the conversation toward a resolution and may suggest compromise or alternative solutions.
The goal is to reach a mutually acceptable agreement.
7
Drafting a Settlement Agreement
The terms are documented in a settlement agreement if an agreement is reached during the mediation session.
The agreement may include specific actions or changes both parties agree to implement.
8
Agreement
Once the settlement agreement is finalized, both parties are expected to adhere to its terms.
If necessary, the appraiser may need to adjust the appraisal report or provide documentation reflecting any changes agreed upon during the mediation
9
Follow-Up
Depending on the terms of the settlement agreement, a follow-up session may be scheduled to ensure compliance.
If issues persist, parties may explore additional mediation sessions or other dispute resolution mechanisms.
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2 hr
From $400