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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 should "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Here at Jim Audas, Jr., we provide appraisal review services that are independent, efficient, professional and in line with the Federal Reserve's regulations.The purpose of appraisal reviews are to pursue: whether the original appraisal or evaluation is fitting for the transaction, the liability inherit in the transaction, and whether the process by which the real estate valuation is attained guarantees independence and quality. Moreover, they should indicate whether the appraisal or evaluation report is in line with the engagement letter, which describes the range of the appraisal assignment. Lastly, 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".
In addition to conforming our work to the procedures and guidelines of our review customers, there are four Fannie Mae forms that are mostly used for review services, and we will prepare 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 Jim Audas, Jr., we're qualified in every kind of appraisal review, review practice and the requirements of review appraisers.
For professional, unbiased, ethical appraisal review services and neutral judgments, you can count on Jim Audas, Jr.. Contact us for more information about our qualifications, expertise and service offerings. |
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Jim Audas, Jr. understands what constitutes a quality appraisal and what the most prevalent errors are, specifically for reports in our local real estate market.
In the same regard, we are proficient enough to recognize that the competition in our market are capable of quality work.
The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can count on us to fairly examine appraisal reports done by others. And those others could be examining our work, too!