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 appraisers completing reviews are compelled to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Here at Bax Appraisal Services, LLC, we provide appraisal review services that are objective, qualified, professional and in line with the Federal Reserve's regulations.
A review appraisal has to verify: whether the original appraisal or evaluation is pertinent for the transaction, the liability inherit in the transaction, and whether the means by which the property valuation is accomplished guarantees independence and quality. In addition, they must announce whether the appraisal or evaluation report is in line with the letter of engagement, which describes the capacity of the appraisal assignment. The Federal Reserve 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 regulations and guidelines of our review customers, there are four Fannie Mae forms that are usually 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. At Bax Appraisal Services, LLC, we are skilled in every type of appraisal review, review process and the responsibilities of review appraisers.
Bax Appraisal Services, LLC. knows what the most frequent reporting inadequacies are, particularly in our home market. We also understand what constitutes a quality appraisal. In this regard, we're sufficiently experienced to know that our competition in our market are able to do good work. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can count on us to lawfully review appraisal reports done by others. And those others may be reviewing our work, too!
You can depend on Bax Appraisal Services, LLC. for our independent judgment, because we offer professional, objective, ethical appraisal review services for our clients. Contact Bax Appraisal Services, LLC regarding our qualifications, expertise and service offerings.