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Getting a second opinion on an appraisal
As stated 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 undertaking reviews are compelled to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines."
Here at Perkins Appraisal, we provide appraisal review services that are unbiased, qualified, professional and in accordance with the Federal Reserve's regulations.
A review appraisal has to find out: whether the original appraisal or evaluation is well-suited for the transaction, the risk inherit in the transaction, and whether the means by which the real estate valuation is acquired ensures independence and quality.
They must also demonstrate whether the appraisal or evaluation report is consistent with the engagement letter, which sets forth the range of the appraisal assignment.
The Federal Reserve 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".
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If you have questions in reference to an appraisal, or if you're in the need of a real estate appraisal review, call Perkins Appraisal today. |
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In addition to conforming our work to the processes and guidelines of our review customers, there are four Fannie Mae forms that are usually used for review services, and we will develop an appraisal review on any one of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form.
Here at Perkins Appraisal, we are qualified in all kinds of appraisal reviews, review processes and the obligations of review appraisers.
Perkins Appraisal understands what represents a quality appraisal and what the most prevalent deficiencies are, specifically in our home market.
At the same time, we are professional enough to know that our competition in our market are able to do a fine job.
The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can trust us to fairly valuate appraisal reports executed by others. And those others might be evaluating our work, too!
You can rely on Perkins Appraisal for our honest judgment, because we offer professional, objective, ethical appraisal review services for our clients.
Contact us for more information regarding our qualifications, expertise and services offered.
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