Appraisal ReviewsAs 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 undertaking reviews have to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." At Richards & Richards Real Estate, LLC, we provide appraisal review services that are impartial, expert, professional and square with the Federal Reserve's regulations.
A review appraisal has to reveal: whether the original appraisal or evaluation is appropriate for the transaction, the liability inherit in the transaction, and whether the procedures by which the property valuation is acquired guarantees independence and quality. They should also denote whether the appraisal or evaluation report is compatible with the letter of engagement, which describes the scope of the appraisal assignment. The Fed also 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 conforming our work to the procedures and guidelines of our review customers, there are four Fannie Mae forms that are usually used for review services, and we'll 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 Richards & Richards Real Estate, LLC, we are qualified in all types of appraisal reviews, review processes and the responsibilities of review appraisers.
We're aware of what represents a quality appraisal and what the most common deficiencies are, particularly in our local real estate market. In the same regard, we are professional enough to realize that the competition in our market are skillful in doing a good job. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can rely on Richards & Richards Real Estate, LLC to fairly evaluate appraisal reports performed by others. And those others could be studying our work, too!
For professional, objective, ethical appraisal review services and neutral judgments, you can count on Richards & Richards Real Estate, LLC. Contact us for more information regarding our qualifications, expertise and services offered.