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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
it's the obligation of appraisers fulfilling 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.
A review appraisal should pursue: whether the original appraisal or evaluation is relevant for the transaction, the risk inherit in the transaction, and whether the processes by which the property valuation is obtained guarantees independence and quality.
The review should also denote whether the appraisal or evaluation report is in line with the letter of engagement, which sets forth the reach of the appraisal assignment.
Lastly, the Federal Reserve also says 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 regulations and guidelines of our review customers, there are four Fannie Mae forms that are generally used for review services, and we can produce an appraisal review on any one of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form.
At TEXAS REAL ESTATE APPRAISERS, we are skilled in every type of appraisal review, review practice and the obligations of review appraisers.
TEXAS REAL ESTATE APPRAISERS knows what amounts to a quality appraisal and what the biggest imperfections are, especially in our local real estate market.
In the same sense, we're skilled enough to acknowledge that our competitors in our market are qualified to do quality work.
The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can trust TEXAS REAL ESTATE APPRAISERS to objectively study appraisal reports done by others. And those others could be examining our work, too!
You can depend on TEXAS REAL ESTATE APPRAISERS for our honest judgment, because we offer professional, objective, ethical appraisal review services for our clients.
Contact us for more information about our qualifications, expertise and service offerings.
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