Appraisal Reviews by Property Services - Otter Tail AppraisalsAccording to 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 responsibility of appraisers completing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." At Property Services - Otter Tail Appraisals, we provide appraisal review services that are unbiased, expert, professional and in line with the Federal Reserve's regulations.
A review appraisal has to find out: whether the original appraisal or evaluation is well-suited for the transaction, the exposure inherit in the transaction, and whether the practices by which the property valuation is rendered guarantees independence and quality. Moreover, they must signify whether the appraisal or evaluation report is compatible with the letter of engagement, which sets forth the capacity of the appraisal assignment. Lastly, the Federal Reserve 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 adjusting our work to the regulations and guidelines of our review clients, there are four Fannie Mae forms that are widely 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 Property Services, we are trained in every kind of appraisal review, review process and the obligations of review appraisers.
We are aware of what the typical report defects are, specifically in our real estate market, as well as what makes a quality appraisal. In this regard, we're proficient enough to identify that our competitors 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 trust Property Services to objectively look over appraisal reports carried out by others. And those others could be examining our work, too!
For professional, impartial, ethical appraisal review services and truthful judgments, you can depend on Property Services -Otter Tail Appraisals. Contact Property Services to learn more about our qualifications, expertise and service offerings.