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 doing reviews are compelled to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Desert Appraisals, LLC. provides appraisal review services that are independent, qualified, professional and in line with the Federal Reserve's guidelines.
The purpose of appraisal reviews are to ascertain: whether the original appraisal or evaluation is relevant for the transaction, the risk inherit in the transaction, and whether the procedure by which the property valuation is obtained guarantees independence and quality. The review must also signify whether the appraisal or evaluation report is true to the letter of engagement, which sets forth the range of the appraisal assignment. Lastly, the Fed 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 coordinating our work to the processes and guidelines of our review customers, there are four Fannie Mae forms that are normally 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. Here at Desert Appraisals, LLC., we are experienced in every kind of appraisal review, review practice and the responsibilities of review appraisers.
Desert Appraisals, LLC. knows what the most common report inadequacies are, especially in our real estate market, as well as what represents a quality appraisal. Concurrently, we're adequately trained to realize that the competitors in our market are skillful in doing a fine job. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can count on Desert Appraisals, LLC. to lawfully review appraisal reports done by others. And those others might be studying our work, too!
You can rely on Desert Appraisals, LLC. for our neutral judgment, because we offer professional, fair, ethical appraisal review services for our customers. Contact us regarding our qualifications, expertise and services offered.