Getting a second opinion on an appraisalAccording to 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 have to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." At Ashe Appraisal, LLC, we provide appraisal review services that are impartial, efficient, professional and in line with the Federal Reserve's guidelines.
The purpose of appraisal reviews are to detect: whether the original appraisal or evaluation is pertinent for the transaction, the liability inherit in the transaction, and whether the actions by which the property valuation is obtained guarantees independence and quality. The review should also announce whether the appraisal or evaluation report is true to the engagement letter, which sets forth the depth of the appraisal assignment. Lastly, the Federal Reserve 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 adjusting our work to the procedures and guidelines of our review customers, there are four Fannie Mae forms that are usually used for review services, and we'll formulate an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At Ashe Appraisal, LLC, we are experienced in every type of appraisal review, review process and the requirements of review appraisers.
Ashe Appraisal, LLC is aware of what the most frequent report defects are, particularly in our real estate market, as well as what constitutes a quality appraisal. In the same regard, we are skilled enough to admit that our competitors in our market are qualified to do a great job. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can count on Ashe Appraisal, LLC to objectively evaluate appraisal reports carried out by others. And those others may be examining our work, too!
Here at Ashe Appraisal, LLC, you can be sure of our independent judgment, because we offer professional, impartial, ethical appraisal review services for our customers. Contact us for more information about our qualifications, expertise and service offerings.