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Getting a second opinion on an appraisalAccording 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 doing reviews should "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." At Britton Real Estate and Appraisals, we provide appraisal review services that are unbiased, qualified, professional and square with the Federal Reserve's regulations.A review appraisal has to reveal: whether the original appraisal or evaluation is applicable for the transaction, the risk inherit in the transaction, and whether the methods by which the property valuation is rendered guarantees independence and quality. The review should also show whether the appraisal or evaluation report is consistent with the engagement letter, which sets forth the range of the appraisal assignment. Lastly, the Fed also 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".
In addition to conforming our work to the processes and guidelines of our review clients, there are four Fannie Mae forms that are primarily 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 Britton Real Estate and Appraisals, we're qualified in all forms of appraisal reviews, review practices and the responsibilities of review appraisers.
In short, at Britton Real Estate and Appraisals, you can be sure of our independent judgment, because we offer professional, fair, ethical appraisal review services for our customers. Contact Britton Real Estate and Appraisals for more information regarding our qualifications, expertise and service offerings. |
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We know what constitutes a quality appraisal and what the most prevalent errors are, particularly when it comes to our local real estate market.
In the same regard, the professionals at Britton Real Estate and Appraisals are adequately experienced to distinguish that the competition in our market are qualified to do a fine job.
The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can count on Britton Real Estate and Appraisals to ethically review appraisal reports executed by others. And those others may be studying our work, too!