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Getting a second opinion on an appraisalAs 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 appraisers doing reviews should "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Certified Real Estate Appraisers, LLC provides appraisal review services that are unbiased, efficient, professional and in accordance with the Federal Reserve's regulations.The purpose of appraisal reviews are to determine: whether the original appraisal or evaluation is relevant for the transaction, the risk inherit in the transaction, and whether the procedures by which the real estate valuation is acquired ensures independence and quality. Moreover, they must demonstrate whether the appraisal or evaluation report is consistent with the engagement letter, which gives an account of the capacity of the appraisal assignment. The Federal Reserve 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 forms and guidelines of our review customers, there are four Fannie Mae forms that are primarily used for review services, and we can produce an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At Certified Real Estate Appraisers, LLC, we're trained in every kind of appraisal review, review practice and the requirements of review appraisers.
In short, here at Certified Real Estate Appraisers, LLC, you can rely on our neutral judgment, because we offer professional, unbiased, ethical appraisal review services for our clients. Contact us for more information regarding our qualifications, expertise and service offerings. |
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We realize what makes a quality appraisal and what the most frequent imperfections are, especially when it comes to our home market.
The professionals at Certified Real Estate Appraisers, LLC are also skilled enough to acknowledge that the competition in our market are skillful in doing a good job.
The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can trust us to lawfully evaluate appraisal reports carried out by others. And those others might be studying our work, too!