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Getting a second opinion on an appraisalAs said 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 preparing reviews should "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." MS Residential Real Estate Appraisals provides appraisal review services that are independent, qualified, professional and square with the Federal Reserve's guidelines.The purpose of appraisal reviews are to pursue: whether the original appraisal or evaluation is applicable for the transaction, the liability inherit in the transaction, and whether the methods by which the real estate valuation is accomplished ensures independence and quality. In addition, they should signify whether the appraisal or evaluation report is true to the letter of engagement, which sets forth the capacity of the appraisal assignment. 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 coordinating 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. Here at MS Residential Real Estate Appraisals, we are experienced in every kind of appraisal review, review process and the responsibilities of review appraisers.
You can trust MS Residential Real Estate Appraisals for our neutral judgment, because we offer professional, unbiased, ethical appraisal review services for our clients. Contact MS Residential Real Estate Appraisals regarding our qualifications, expertise and services offered. |
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MS Residential Real Estate Appraisals knows what the most prevalent report imperfections are, particularly in our real estate market, as well as what amounts to a quality appraisal.
In this regard, we're experienced enough to distinguish that our competition in our market are capable of doing good work.
The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can rely on us to justly evaluate appraisal reports carried out by others. And those others may be reviewing our work, too!