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Getting a second opinion on an appraisal
As 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 completing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines."
At Blackmon Appraisal Associates, we provide appraisal review services that are impartial, expert, professional and square with the Federal Reserve's guidelines.
A review appraisal should pursue: whether the original appraisal or evaluation is well-suited for the transaction, the risk inherit in the transaction, and whether the manner by which the property valuation is attained ensures independence and quality.
Moreover, they must show whether the appraisal or evaluation report is consistent with the engagement letter, which sets forth the scope of the appraisal assignment.
The Federal Reserve also states 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 coordinating our work to the processes and guidelines of our review customers, there are four Fannie Mae forms that are normally 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.
At Blackmon Appraisal Associates, we're experienced in all forms of appraisal reviews, review practices and the responsibilities of review appraisers.
Blackmon Appraisal Associates knows what the most common report deficiencies are, specifically in our home market, as well as what makes a quality appraisal.
The professionals at Blackmon Appraisal Associates are also adequately skilled to distinguish that our competitors in our market are capable of a good job.
The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can trust Blackmon Appraisal Associates to ethically evaluate appraisal reports completed by others. And those others could be evaluating our work, too!
For professional, fair, ethical appraisal review services and honest judgments, you can count on Blackmon Appraisal Associates.
Contact us regarding our qualifications, expertise and service offerings.
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