Appraisal Reviews by Ballenger RealtorsAccording 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 producing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Here at Ballenger Realtors, we provide appraisal review services that are independent, qualified, professional and compliant with the Federal Reserve's regulations.
The purpose of appraisal reviews are to determine: whether the original appraisal or evaluation is suitable for the transaction, the risk inherit in the transaction, and whether the procedure by which the real estate valuation is rendered guarantees independence and quality. The review must also announce whether the appraisal or evaluation report is consistent with the engagement letter, which gives an account of the depth of the appraisal assignment. The Fed 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 adapting our work to the regulations and guidelines of our review customers, there are four Fannie Mae forms that are primarily used for review services, and we will formulate 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 Ballenger Realtors, we are qualified in every kind of appraisal review, review procedure and the requirements of review appraisers.
We know what the most common report inadequacies are, particularly in our real estate market, as well as what represents a quality appraisal. At the same time, we are trained enough to admit that our competitors in our market are capable of a great job. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can count on Ballenger Realtors to ethically assess appraisal reports carried out by others. And those others may be studying our work, too!
In short, here at Ballenger Realtors, you can trust our independent judgment, because we offer professional, objective, ethical appraisal review services for our customers. Contact Ballenger Realtors to learn more about our qualifications, expertise and service offerings.