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Qualified Appraisal Reviews with Petrucci Real Estate ServicesAs 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 appraisers performing reviews must "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Petrucci Real Estate Services provides appraisal review services that are impartial, expert, professional and square with the Federal Reserve's rules.A review appraisal should reveal: whether the original appraisal or evaluation is suitable for the transaction, the risk inherit in the transaction, and whether the manner by which the real estate valuation is acquired ensures independence and quality. Moreover, they should denote whether the appraisal or evaluation report is in line with the letter of engagement, which gives an account of the capacity of the appraisal assignment. Lastly, the Fed also goes on to say 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 processes and guidelines of our review customers, there are four Fannie Mae forms that are primarily used for review services, and we can 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 Petrucci Real Estate Services, we are qualified in all types of appraisal reviews, review practices and the obligations of review appraisers.
You can trust Petrucci Real Estate Services for our neutral judgment, because we offer professional, fair, ethical appraisal review services for our customers. Contact Petrucci Real Estate Services for more information regarding our qualifications, expertise and service offerings. |
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We know what constitutes a quality appraisal and what the biggest deficiencies are, specifically for reports in our local real estate market.
We're also amply trained to identify that the competitors in our market are skillful in doing a fine job.
The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can rely on Petrucci Real Estate Services to ethically study appraisal reports performed by others. And those others could be examining our work, too!