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Getting a second opinion on an appraisalAs 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 duty of appraisers undertaking reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Here at Duchscher Appraisal Company, LLC, we provide appraisal review services that are impartial, efficient, professional and in accordance with the Federal Reserve's guidelines.A review appraisal has to ascertain: whether the original appraisal or evaluation is well-suited for the transaction, the liability inherit in the transaction, and whether the method by which the real estate valuation is accomplished guarantees independence and quality. The review must also denote whether the appraisal or evaluation report is consistent with the engagement letter, which describes the extent of the appraisal assignment. The Federal Reserve says 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 adjusting our work to the regulations and guidelines of our review customers, there are four Fannie Mae forms that are usually used for review services, and we will 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 Duchscher Appraisal Company, LLC, we are trained in every form of appraisal review, review practice and the obligations of review appraisers.
In short, here at Duchscher Appraisal Company, LLC, you can be sure of our truthful judgment, because we offer professional, fair, ethical appraisal review services for our customers. Contact Duchscher Appraisal Company, LLC to learn more about our qualifications, expertise and service offerings. |
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We understand what the typical report inadequacies are, particularly in our housing market, as well as what makes a quality appraisal.
In this regard, we are adequately trained to know 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 trust Duchscher Appraisal Company, LLC to justly assess appraisal reports executed by others. And those others might be examining our work, too!