Appraisal Review Services
There are many instances when Domus Appraisals is requested to review an appraisal performed by other appraisers. This could be done to ensure the accuracy and content of the original appraisal, for quality assurance purposes, and to assess an appraisal’s compliance with Federal and/or State regulations.
What Are Appraisal Reviews?
When the value of a property is needed for court purposes, there is often a need for multiple appraisals to be completed on the properties involved. Attorneys may also opt to retain an independent appraiser to perform appraisal review services on the appraisal(s) presented by the opposing parties, especially if the quality or results of the appraisal is being questioned. If the appraisal contains numerous errors or was found to be improperly prepared, appraisal reviews would strongly assist the attorney in discrediting the results of the appraisal. If the appraisal being reviewed was found to be complete and accurate, then the attorney will be assured that the opposing party’s evidence is well supported. Either way, the attorney will benefit from having the appraisal review completed.
Property appraisals are an intricate part of the banking and lending systems. It is of the utmost importance that lenders are basing their decisions to loan money off of accurately completed appraisals. Newly passed Federal banking regulations have resulted in the increase of appraisal reviews being ordered on randomly selected appraisals previously completed for purchases and refinances. Domus Appraisals is continuously retained by many of the major lending institutions to review appraisals recently performed for loans they are funding. Not only is it required that banks randomly obtain appraisal reviews, it has become more prevalent that a bank will increased its own internal requirements for reviews in order to maintain high levels of quality assurance.
Who Needs Appraisal Reviews?
Some governmental entities, like Fannie Mae and Freddy Mac, order appraisal reviews for quality control purposes. In many cases an appraisal review is needed to confirm the accuracy, quality, and content of the appraisal original obtained on a bank-owned or foreclosed property. Anytime a property has been foreclosed or if it is in the process of foreclosure, the property being used as collateral for the loan will be appraised. The property would have also been appraised prior to the loan being originated. If the loan goes into default, the lender will often have appraisal reviews completed on the original appraisal completed to assess its accuracy and quality.
Appraisal review services are obtained to verify the accuracy and the compliance of a previously prepared appraisal. Appraisal reviews are often ordered by banks, lenders, governmental and state agencies, attorneys, and anyone that believes they have been provided with an inadequately performed appraisal.
Domus Appraisals has extensive knowledge, experience and training in appraisal review services. Let the experts at Domus Appraisals review the residential appraisal or commercial appraisal you are questioning. Call us today at 1-866-939-5979 or fill out a contact form.