Getting a second opinion on an appraisal
According to a statement
by the Federal Reserve (click here), "financial institutions must have an effective, independent real estate appraisal and evaluation program" and that
appraisers undertaking reviews ought to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines."
Barnes Appraisal Company provides appraisal review services that are independent, expert, professional and square with the Federal Reserve's rules.
The purpose of appraisal reviews are to find out: whether the original appraisal or evaluation is fitting for the transaction, the liability inherit in the transaction, and whether the actions by which the collateral valuation is obtained ensures independence and quality.
They must also signify whether the appraisal or evaluation report is true to the engagement letter, which describes the depth of the appraisal assignment.
The Fed 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".
If you need a real estate appraisal review or have questions regarding an appraisal, call us today.
In addition to adapting our work to the regulations and guidelines of our review customers, there are four Fannie Mae forms that are largely used for review services, and we can formulate 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 Barnes Appraisal Company, we are trained in every form of appraisal review, review procedure and the obligations of review appraisers.
We know what makes a quality appraisal and what the greatest imperfections are, particularly in our home market.
In this regard, we're sufficiently skilled to distinguish that our competitors in our market are skillful in doing quality work.
The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can trust Barnes Appraisal Company to objectively look over appraisal reports performed by others. And those others could be examining our work, too!
Here at Barnes Appraisal Company, you can have confidence in our truthful judgment, because we offer professional, unbiased, ethical appraisal review services for our clients.
Contact us for more information regarding our qualifications, expertise and service offerings.