Getting a second opinion on an appraisalAs said in an announcement by the Federal Reserve (click here), "financial institutions must have an effective, independent real estate appraisal and evaluation program" and that appraisers undertaking reviews must "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Vinson Real Estate Services, LLC provides appraisal review services that are independent, qualified, professional and square with the Federal Reserve's regulations.
A review appraisal has to reveal: whether the original appraisal or evaluation is fitting for the transaction, the exposure inherit in the transaction, and whether the manners by which the collateral valuation is acquired ensures independence and quality. In addition, they should denote whether the appraisal or evaluation report matches the engagement letter, which describes the range of the appraisal assignment. Lastly, the Federal Reserve also says 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 procedures and guidelines of our review customers, there are four Fannie Mae forms that are generally used for review services, and we will formulate 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 Vinson Real Estate Services, LLC, we are qualified in every kind of appraisal review, review procedure and the requirements of review appraisers.
We realize what the most likely report deficiencies are, specifically in our home market, as well as what represents a quality appraisal. Concurrently, we are skilled enough to recognize that our competition 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 count on Vinson Real Estate Services, LLC to lawfully evaluate appraisal reports carried out by others. And those others may be reviewing our work, too!
For professional, unbiased, ethical appraisal review services and truthful judgments, you can depend on Vinson Real Estate Services, LLC. Contact Vinson Real Estate Services, LLC for more information about our qualifications, expertise and services offered.