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Getting a second opinion on an appraisalAs 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 engaged in reviews ought to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." At A-1 Real Estate Appraisals, Inc., we provide appraisal review services that are unbiased, expert, professional and compliant with the Federal Reserve's rules.The purpose of appraisal reviews are to pursue: whether the original appraisal or evaluation is pertinent for the transaction, the exposure inherit in the transaction, and whether the method by which the real estate valuation is rendered ensures independence and quality. In addition, they must signify whether the appraisal or evaluation report is in line with the letter of engagement, which sets forth the extent of the appraisal assignment. Lastly, the Federal Reserve also states 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 mostly used for review services, and we'll prepare an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At A-1 Real Estate Appraisals, Inc., we're trained in every form of appraisal review, review process and the obligations of review appraisers.
When you choose A-1 Real Estate Appraisals, Inc., you can count on our independent judgment, because we offer professional, impartial, ethical appraisal review services for our clients. Contact us for more information about our qualifications, expertise and service offerings. |
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We realize what the biggest reporting inadequacies are, specifically in our housing market. We also understand what makes a quality appraisal.
The professionals at A-1 Real Estate Appraisals, Inc. are also trained enough to know that our competitors in our market are qualified to do good work.
The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can rely on us to justly review appraisal reports completed by others. And those others may be studying our work, too!