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Getting a second opinion on an appraisal
As said in a statement
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."
At Davis Appraisal Service, we provide appraisal review services that are impartial, efficient, professional and in accordance with the Federal Reserve's guidelines.
The purpose of appraisal reviews are to reveal: whether the original appraisal or evaluation is fitting for the transaction, the exposure inherit in the transaction, and whether the manners by which the property valuation is obtained guarantees independence and quality.
Moreover, they should announce whether the appraisal or evaluation report is true to the engagement letter, which sets forth the outlook of the appraisal assignment.
Lastly, 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".
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If you need a real estate appraisal review or have questions regarding an appraisal, contact us today. |
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In addition to adapting our work to the practices and guidelines of our review customers, there are four Fannie Mae forms that are usually used for review services, and we can 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 Davis Appraisal Service, we're qualified in all forms of appraisal reviews, review processes and the requirements of review appraisers.
We understand what amounts to a quality appraisal and what the greatest deficiencies are, specifically in our local real estate market.
We're also sufficiently skilled to acknowledge that the competitors in our market are capable of doing a good job.
The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can count on us to fairly study appraisal reports carried out by others. And those others could be examining our work, too!
In short, when you choose Davis Appraisal Service, you can rely on our honest judgment, because we offer professional, objective, ethical appraisal review services for our clients.
Contact Davis Appraisal Service regarding our qualifications, expertise and service offerings.
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