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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 it's the responsibility of appraisers fulfilling reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." At pH Real Estate Services, Inc., we provide appraisal review services that are independent, expert, professional and square with the Federal Reserve's rules.The purpose of appraisal reviews are to ascertain: whether the original appraisal or evaluation is pertinent for the transaction, the risk inherit in the transaction, and whether the process by which the property valuation is rendered ensures independence and quality. In addition, they must indicate whether the appraisal or evaluation report is consistent with the letter of engagement, which describes the scope of the appraisal assignment. The Federal Reserve 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 regulations and guidelines of our review customers, there are four Fannie Mae forms that are largely used for review services, and we'll develop an appraisal review on any one of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. Here at pH Real Estate Services, Inc., we're experienced in every type of appraisal review, review practice and the responsibilities of review appraisers.
For professional, fair, ethical appraisal review services and truthful judgments, you can count on pH Real Estate Services, Inc.. Contact us for more information regarding our qualifications, expertise and services offered. |
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We understand what the most frequent reporting inadequacies are, specifically in our real estate market. We also know what amounts to a quality appraisal.
In the same sense, we are trained enough to know that our competitors in our market are skillful in doing good work.
The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can rely on pH Real Estate Services, Inc. to objectively review appraisal reports performed by others. And those others could be examining our work, too!