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 it's the obligation of appraisers fulfilling reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Reeder Appraisal Services, LLC provides appraisal review services that are objective, efficient, professional and square with the Federal Reserve's guidelines.
A review appraisal should reveal: whether the original appraisal or evaluation is suitable for the transaction, the liability inherit in the transaction, and whether the means by which the property valuation is attained ensures independence and quality. In addition, they must demonstrate whether the appraisal or evaluation report is true to the engagement letter, which gives an account of the extent 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 tailoring our work to the processes and guidelines of our review clients, there are four Fannie Mae forms that are typically used for review services, and we'll 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. Here at Reeder Appraisal Services, LLC, we're skilled in all forms of appraisal reviews, review processes and the requirements of review appraisers.
We are aware of what represents a quality appraisal and what the greatest errors are, particularly in our home market. In this regard, we're skilled enough to acknowledge that the competition in our market are skillful in doing good work. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can rely on Reeder Appraisal Services, LLC to justly valuate appraisal reports carried out by others. And those others could be reviewing our work, too!
For professional, objective, ethical appraisal review services and neutral judgments, you can rely on Reeder Appraisal Services, LLC. Contact us for more information about our qualifications, expertise and service offerings.