Getting a second opinion on an appraisalAs 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 performing reviews are compelled to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." ARA Real Estate Appraisals, Inc. provides appraisal review services that are objective, qualified, professional and compliant with the Federal Reserve's rules.
A review appraisal has to find out: whether the original appraisal or evaluation is pertinent for the transaction, the risk inherit in the transaction, and whether the process by which the real estate valuation is attained ensures independence and quality. Moreover, they must announce whether the appraisal or evaluation report is true to the engagement letter, which describes the capacity of the appraisal assignment. Lastly, the Fed 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 tailoring our work to the procedures and guidelines of our review customers, there are four Fannie Mae forms that are primarily used for review services, and we'll formulate 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 ARA Real Estate Appraisals, Inc., we're qualified in every kind of appraisal review, review procedure and the requirements of review appraisers.
We understand what represents a quality appraisal and what the most frequent deficiencies are, particularly when it comes to our local housing market. We're also amply skilled to acknowledge that the competitors in our market are capable of a fine job. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can trust ARA Real Estate Appraisals, Inc. to justly valuate appraisal reports completed by others. And those others may be examining our work, too!
At ARA Real Estate Appraisals, Inc., you can rely on our truthful judgment, because we offer professional, objective, ethical appraisal review services for our customers. Contact us regarding our qualifications, expertise and services offered.