Appraisal ReviewsAccording 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 call of appraisers performing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." TEXAS REAL ESTATE APPRAISERS provides appraisal review services that are objective, expert, professional and in line with the Federal Reserve's rules.
The purpose of appraisal reviews are to determine: whether the original appraisal or evaluation is well-suited for the transaction, the risk inherit in the transaction, and whether the method by which the real estate valuation is obtained guarantees independence and quality. The review should also demonstrate whether the appraisal or evaluation report is compatible with the letter of engagement, which describes the range of the appraisal assignment. Lastly, 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 usually 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. Here at TEXAS REAL ESTATE APPRAISERS, we're experienced in all kinds of appraisal reviews, review procedures and the requirements of review appraisers.
We know what the most likely report deficiencies are, particularly in our home market, as well as what represents a quality appraisal. In this regard, we're experienced enough to recognize that our competitors in our market are able to do good work. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can trust TEXAS REAL ESTATE APPRAISERS to fairly review appraisal reports carried out by others. And those others might be examining our work, too!
For professional, objective, ethical appraisal review services and neutral judgments, you can count on TEXAS REAL ESTATE APPRAISERS. Contact TEXAS REAL ESTATE APPRAISERS for more information about our qualifications, expertise and services offered.