Getting a second opinion on an appraisalAccording to an announcement by the Federal Reserve (click here), "financial institutions must have an effective, independent real estate appraisal and evaluation program" and that appraisers fulfilling reviews have to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Appraisals Plus provides appraisal review services that are unbiased, expert, professional and square with the Federal Reserve's regulations.
A review appraisal has to find out: whether the original appraisal or evaluation is appropriate for the transaction, the exposure inherit in the transaction, and whether the process by which the property valuation is acquired ensures independence and quality. The review must also denote whether the appraisal or evaluation report is consistent with the letter of engagement, which sets forth the depth of the appraisal assignment. Lastly, the Federal Reserve also notes that "some banks supplement routine reviews with post-funding evaluations of appraisal quality for some of their higher-risk or greater-value transactions as a control to assist in detecting valuation problems".
In addition to conforming our work to the processes and guidelines of our review clients, there are four Fannie Mae forms that are widely used for review services, and we'll develop an appraisal review on any one of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At Appraisals Plus , we are qualified in every type of appraisal review, review practice and the obligations of review appraisers.
We are familiar with what the most common report weaknesses are, particularly in our real estate market, as well as what makes a quality appraisal. We're also adequately experienced to realize that our competition in our market are capable of a fine job. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can trust us to justly study appraisal reports done by others. And those others could be evaluating our work, too!
When you choose Appraisals Plus , you can trust our truthful judgment, because we offer professional, unbiased, ethical appraisal review services for our clients. Contact Appraisals Plus for more information regarding our qualifications, expertise and service offerings.