What is required if a second appraisal is ordered based on a claimed value increase?

When a second appraisal is ordered based on a claimed increase in property value, two independent opinions are required to ensure that the new valuation is accurate and unbiased. This process helps maintain the integrity of the appraisal system by obtaining multiple perspectives on the value of the property, which can be particularly important in situations where the initial appraisal may be contested or where the market has shifted significantly since the original assessment.

The requirement for two independent opinions serves to provide a more comprehensive assessment of the property's value. This is especially essential in mitigating risks associated with potential conflicts of interest or subjective valuations, ensuring the lender or financial institution can make informed lending decisions based on reliable data.

This approach contrasts with scenarios where only one opinion might suffice, such as standard appraisals under less contentious circumstances. The other options either misrepresent the process or fail to account for the necessary due diligence that multiple appraisals demand in the face of a value increase claim.