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Getting a second opinion on an appraisalAccording to a statement by the Federal Reserve (click here), "financial institutions must have an effective, independent real estate appraisal and evaluation program" and that appraisers doing reviews ought to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." REal VALUE provides appraisal review services that are unbiased, qualified, professional and in accordance with the Federal Reserve's rules.The purpose of appraisal reviews are to ascertain: whether the original appraisal or evaluation is well-suited for the transaction, the risk inherit in the transaction, and whether the methods by which the real estate valuation is rendered ensures independence and quality. They must also announce whether the appraisal or evaluation report is compatible with the letter of engagement, which sets forth the range of the appraisal assignment. Lastly, the Federal Reserve also goes on to say 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 adapting our work to the forms and guidelines of our review customers, there are four Fannie Mae forms that are widely used for review services, and we'll produce an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. Here at REal VALUE, we're trained in every form of appraisal review, review practice and the requirements of review appraisers.
In short, at REal VALUE, you can be sure of our honest judgment, because we offer professional, fair, ethical appraisal review services for our clients. Contact REal VALUE regarding our qualifications, expertise and services offered. |
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We're aware of what constitutes a quality appraisal and what the most prevalent errors are, specifically in our home market.
The professionals at REal VALUE are also adequately trained to admit that the competition in our market are skillful in doing a great job.
The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can rely on REal VALUE to lawfully review appraisal reports performed by others. And those others could be reviewing our work, too!