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Getting a second opinion on an appraisalAccording to a statement by the Federal Reserve (click here), "financial institutions must have an effective, independent real estate appraisal and evaluation program" and that it's the duty of appraisers performing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Coastal Virginia Appraisals, LLC provides appraisal review services that are impartial, qualified, professional and in line with the Federal Reserve's guidelines.The purpose of appraisal reviews are to detect: whether the original appraisal or evaluation is fitting for the transaction, the risk inherit in the transaction, and whether the actions by which the real estate valuation is acquired ensures independence and quality. In addition, they should announce whether the appraisal or evaluation report matches the engagement letter, which sets forth the range of the appraisal assignment. Lastly, 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 tailoring our work to the practices and guidelines of our review clients, there are four Fannie Mae forms that are widely used for review services, and we will 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 Coastal Virginia Appraisals, LLC, we're qualified in all forms of appraisal reviews, review procedures and the obligations of review appraisers.
For professional, fair, ethical appraisal review services and neutral judgments, you can depend on Coastal Virginia Appraisals, LLC. Contact us to learn more about our qualifications, expertise and services offered. |
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We're aware of what constitutes a quality appraisal and what the most prevalent imperfections are, particularly when it comes to our local real estate market.
We're also experienced enough to know that the competition in our market are skillful in doing a good job.
The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can trust us to fairly evaluate appraisal reports done by others. And those others could be studying our work, too!