Getting a second opinion on an appraisal

A review appraisal has to determine: whether the original appraisal or evaluation is pertinent for the transaction, the liability inherit in the transaction, and whether the process by which the real estate valuation is rendered ensures 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 Fed 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".

	If you're in the need of a real estate appraisal review or have questions regarding an appraisal, contact Mid-Ohio Appraisal Services today.

In addition to conforming our work to the forms and guidelines of our review customers, there are four Fannie Mae forms that are primarily 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 Mid-Ohio Appraisal Services, we are qualified in all forms of appraisal reviews, review procedures and the responsibilities of review appraisers.  

Mid-Ohio Appraisal Services knows what the most likely report weaknesses are, specifically in our real estate market, as well as what represents a quality appraisal.  We're also sufficiently trained to identify that the competition in our market are capable of quality work.  The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can count on Mid-Ohio Appraisal Services to justly evaluate appraisal reports carried out by others. And those others might be examining our work, too!  

For professional, objective, ethical appraisal review services and truthful judgments, you can count on Mid-Ohio Appraisal Services. Contact us for more information regarding our qualifications, expertise and services offered.