Appraisal Reviews with Southern Star Real Estate Services
As stated in an announcement by the Federal Reserve, "financial institutions are required to have an effective, objective real estate appraisal and evaluation plan," and that appraisers fulfilling reviews have to "have the proficiency and skills to determine compliance with the Federal Reserves appraisal rules and guidelines." Southern Star Real Estate Services provides appraisal review services that are objective, efficient, professional and in accordance with the Federal Reserve's regulations.
If you're in the need of a real estate appraisal review or have questions regarding an appraisal, call us today.
According to the Federal Reserve, appraisal reviews "ought to figure out whether the appraisal or evaluation is appropriate for the transaction, the risk of the transaction, and whether the procedure by which the collateral valuation is attained guarantees independence and quality." They "must also announce whether the appraisal or evaluation report is compatible with the engagement letter, which describes the capacity of the appraisal assignment." The Federal Reserve also notes that "some institutions add periodic reviews with post-funding assessments of appraisal quality for any of their higher-liability or greater-value transactions as a way to assist in detecting valuation complications."
In addition to coordinating our work to the procedures and guidelines of our review clients, there are four Fannie Mae forms that are largely used for review services, and we can produce an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At Southern Star Real Estate Services, we're trained in all kinds of appraisal reviews, review practices and the responsibilities of review appraisers.
Southern Star Real Estate Services understands what constitutes a quality appraisal and what the greatest imperfections are, especially in our home market. The professionals at Southern Star Real Estate Services are also skilled enough to know that the competitors in our market are capable of a good job. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can rely on us to justly look over appraisal reports done by others. And those others may be studying our work, too!
In short, when you choose Southern Star Real Estate Services, you can rely on our independent judgment, because we offer professional, objective, ethical appraisal review services for our clients. Contact us for more information regarding our qualifications, expertise and service offerings.