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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 expectation of appraisers undertaking reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines."
Ben Hill Appraisal provides appraisal review services that are independent, efficient, professional and in line with the Federal Reserve's regulations.
A review appraisal should determine: whether the original appraisal or evaluation is relevant for the transaction, the exposure inherit in the transaction, and whether the process by which the real estate valuation is acquired guarantees independence and quality.
Moreover, they must indicate whether the appraisal or evaluation report is consistent with the letter of engagement, which describes the outlook of the appraisal assignment.
Lastly, the Federal Reserve 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".
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If you have questions about an appraisal, or if you're in the need of a real estate appraisal review, contact Ben Hill Appraisal today. |
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In addition to conforming our work to the practices and guidelines of our review customers, there are four Fannie Mae forms that are generally used for review services, and we can prepare an appraisal review on any one of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form.
At Ben Hill Appraisal, we are qualified in all types of appraisal reviews, review processes and the responsibilities of review appraisers.
Ben Hill Appraisal is aware of what constitutes a quality appraisal and what the greatest defects are, particularly when it comes to our local real estate market.
Concurrently, we're proficient enough to admit that the competition in our market are able to do a fine job.
The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can count on us to objectively evaluate appraisal reports performed by others. And those others may be reviewing our work, too!
When you choose Ben Hill Appraisal, you can trust our neutral judgment, because we offer professional, objective, ethical appraisal review services for our clients.
Contact us for more information about our qualifications, expertise and services offered.
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