Appraisal ReviewsAccording to a statement 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 completing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Accurate Realestate Value, Inc provides appraisal review services that are impartial, expert, professional and square with the Federal Reserve's rules.
The purpose of appraisal reviews are to determine: whether the original appraisal or evaluation is suitable for the transaction, the liability inherit in the transaction, and whether the means by which the real estate valuation is obtained guarantees independence and quality. In addition, they must signify whether the appraisal or evaluation report is consistent with the engagement letter, which gives an account of the extent of the appraisal assignment. The Federal Reserve says 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 processes and guidelines of our review customers, there are four Fannie Mae forms that are mostly used for review services, and we'll prepare an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At Accurate Realestate Value, Inc, we're skilled in every form of appraisal review, review process and the requirements of review appraisers.
Accurate Realestate Value, Inc understands what constitutes a quality appraisal and what the most common deficiencies are, especially in our local housing market. Concurrently, we are proficient enough to admit that our competition in our market are able to do a great job. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can rely on us to fairly look over appraisal reports done by others. And those others may be examining our work, too!
In short, at Accurate Realestate Value, Inc, you can have confidence in our independent judgment, because we offer professional, fair, ethical appraisal review services for our clients. Contact Accurate Realestate Value, Inc for more information about our qualifications, expertise and services offered.