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 producing reviews are compelled to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Farmer Appraisals provides appraisal review services that are independent, expert, professional and compliant with the Federal Reserve's regulations.
The purpose of appraisal reviews are to verify: whether the original appraisal or evaluation is fitting for the transaction, the liability inherit in the transaction, and whether the methods by which the real estate valuation is rendered guarantees independence and quality. The review should also show whether the appraisal or evaluation report is in line with the engagement letter, which sets forth the range of the appraisal assignment. Lastly, the Federal Reserve 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 adapting our work to the procedures and guidelines of our review customers, there are four Fannie Mae forms that are mostly used for review services, and we'll develop an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At Farmer Appraisals, we are qualified in all kinds of appraisal reviews, review processes and the responsibilities of review appraisers.
Farmer Appraisals realizes what the greatest reporting defects are, particularly in our home market. We also understand what makes a quality appraisal. The professionals at Farmer Appraisals are also skilled enough to distinguish that the competition in our market are capable of doing quality work. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can count on Farmer Appraisals to fairly study appraisal reports completed by others. And those others might be studying our work, too!
In short, at Farmer Appraisals, you can count on our truthful judgment, because we offer professional, unbiased, ethical appraisal review services for our customers. Contact Farmer Appraisals regarding our qualifications, expertise and service offerings.