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Skilled Appraisal Reviews with Jim Bailey 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 completing reviews should "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." At Jim Bailey Appraisal, we provide appraisal review services that are unbiased, expert, professional and in line with the Federal Reserve's regulations.The purpose of appraisal reviews are to pursue: whether the original appraisal or evaluation is applicable for the transaction, the risk inherit in the transaction, and whether the practices by which the real estate valuation is rendered ensures independence and quality. In addition, they must demonstrate whether the appraisal or evaluation report is in line with the engagement letter, which sets forth the extent of the appraisal assignment. The Fed 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 adjusting our work to the practices and guidelines of our review customers, there are four Fannie Mae forms that are normally used for review services, and we can produce 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 Jim Bailey Appraisal, we are experienced in every type of appraisal review, review procedure and the responsibilities of review appraisers.
In short, at Jim Bailey Appraisal, you can trust our neutral judgment, because we offer professional, fair, ethical appraisal review services for our clients. Contact us for more information regarding our qualifications, expertise and services offered. |
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We're aware of what the most common report imperfections are, specifically in our real estate market, as well as what represents a quality appraisal.
At the same time, we are sufficiently skilled to distinguish that our competition in our market are skillful in doing quality work.
The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can trust Jim Bailey Appraisal to objectively valuate appraisal reports completed by others. And those others may be examining our work, too!