Appraisers

Appraisers

GAMco Advantage

Unlike most appraisal companies, GAMco only approves as many appraisers as it needs for its present work load. As such, if you are approved, you will likely receive Requests for Bid. Receiving Requests for Bid is however contingent upon your formal education, appraiser education, years of experience, designations(s), area of geographical competence and specific areas of appraisal expertise.


If you have been approved by GAMco, you are in good company;


Where some appraisal companies have an assignment rotation, GAMco has an appraiser ranking system. Requests for Bid are sent to the most highly qualified, geographically competent appraisers, when they are available (based on the number of open orders that appraiser has). GAMco has no fee schedules,, so the fee bid is at the discretion of the appraiser. Five to seven appraisers are asked to bid. Upon receipt of five bids or after 24 hours, bidding is automatically closed, the client is advised and the client selects the bid that addresses their order specific requirements. If, for example, time is limited, the client may select the shortest turn-time. If however the subject is unique or high valued, the client may select the most qualified appraiser with the lowest fee. GAMco never selects bids. As to maintain appraiser independence, your bid fee, turn-around time and designation are declared to GAMco’s client, but your identity is not known to the client until the final appraisal report is submitted.


Finally, appraiser E&O insurance premiums are as high as they are because of the cost to defend. To protect our GAMco approved appraisers, GAMco has entered into an agreement with its clients concerning the means by which a dispute over a valuation will be resolved. In this regard, the client agrees to forego filing an E&O claim and filing a formal complaint against the appraiser with the state appraiser regulator, in lieu of binding arbitration. If the client prevails, GAMco shall pay its client the difference between the correct value and the appraiser’s value plus the cost of arbitration.