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 it's the obligation of appraisers doing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." At Bob Hayes Real Estate Appraiser, we provide appraisal review services that are objective, efficient, professional and in accordance with the Federal Reserve's guidelines.
A review appraisal has to verify: whether the original appraisal or evaluation is pertinent for the transaction, the risk inherit in the transaction, and whether the procedure by which the property valuation is attained guarantees independence and quality. The review must also announce whether the appraisal or evaluation report is compatible with the letter of engagement, which describes the extent of the appraisal assignment. Lastly, the Fed 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 conforming our work to the procedures and guidelines of our review customers, there are four Fannie Mae forms that are mostly used for review services, and we can develop 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 Bob Hayes Real Estate Appraiser, we're experienced in every type of appraisal review, review practice and the requirements of review appraisers.
Bob Hayes Real Estate Appraiser knows what the most common report weaknesses are, particularly in our home market, as well as what amounts to a quality appraisal. In the same regard, we are proficient enough to recognize that the competitors in our market are qualified to do good work. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can count on us to ethically review appraisal reports done by others. And those others may be reviewing our work, too!
Here at Bob Hayes Real Estate Appraiser, you can be sure of our independent judgment, because we offer professional, unbiased, ethical appraisal review services for our customers. Contact us for more information regarding our qualifications, expertise and services offered.