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 it's the obligation of appraisers preparing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Bay Area Appraisal Services Inc. provides appraisal review services that are independent, qualified, professional and compliant with the Federal Reserve's regulations.
A review appraisal should pursue: whether the original appraisal or evaluation is pertinent for the transaction, the liability inherit in the transaction, and whether the procedures by which the property valuation is attained guarantees independence and quality. Moreover, they must announce whether the appraisal or evaluation report is true to the engagement letter, which describes the outlook 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 coordinating our work to the practices and guidelines of our review customers, there are four Fannie Mae forms that are widely used for review services, and we will 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 Bay Area Appraisal Services Inc., we're qualified in all types of appraisal reviews, review procedures and the responsibilities of review appraisers.
We know what represents a quality appraisal and what the most common imperfections are, especially for reports in our home market. In this regard, we are experienced enough to identify that the competitors in our market are capable of doing good work. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can rely on Bay Area Appraisal Services Inc. to ethically assess appraisal reports executed by others. And those others may be studying our work, too!
For professional, unbiased, ethical appraisal review services and truthful judgments, you can rely on Bay Area Appraisal Services Inc.. Contact us regarding our qualifications, expertise and service offerings.