Appraisal ReviewsAs said in an announcement by the Federal Reserve (click here), "financial institutions must have an effective, independent real estate appraisal and evaluation program" and that it's the call of appraisers undertaking reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Here at The Property Shop, we provide appraisal review services that are unbiased, efficient, professional and compliant with the Federal Reserve's guidelines.
A review appraisal should ascertain: whether the original appraisal or evaluation is appropriate for the transaction, the exposure inherit in the transaction, and whether the method by which the real estate valuation is obtained guarantees independence and quality. In addition, they should signify whether the appraisal or evaluation report is consistent with the engagement letter, which describes the extent of the appraisal assignment. The Federal Reserve also states 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 adjusting our work to the regulations and guidelines of our review customers, there are four Fannie Mae forms that are widely used for review services, and we will prepare an appraisal review on any one of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. Here at The Property Shop, we're trained in every type of appraisal review, review practice and the requirements of review appraisers.
We understand what constitutes a quality appraisal and what the greatest imperfections are, particularly when it comes to our local housing market. We're also trained enough to distinguish that the competitors in our market are skillful in doing a fine job. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can rely on us to fairly review appraisal reports completed by others. And those others may be examining our work, too!
For professional, unbiased, ethical appraisal review services and neutral judgments, you can count on The Property Shop. Contact The Property Shop for more information regarding our qualifications, expertise and service offerings.