|
Getting a second opinion on an appraisalAs said in 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 expectation of appraisers performing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Here at Sun Valuations, we provide appraisal review services that are independent, expert, professional and compliant with the Federal Reserve's guidelines.A review appraisal has to determine: whether the original appraisal or evaluation is relevant for the transaction, the liability inherit in the transaction, and whether the method by which the property valuation is rendered guarantees independence and quality. Moreover, they must signify whether the appraisal or evaluation report is compatible with the engagement letter, which sets forth the range of the appraisal assignment. The Fed 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 practices and guidelines of our review clients, there are four Fannie Mae forms that are normally used for review services, and we will produce an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At Sun Valuations, we are trained in all forms of appraisal reviews, review procedures and the responsibilities of review appraisers.
For professional, fair, ethical appraisal review services and independent judgments, you can count on Sun Valuations. Contact Sun Valuations to learn more about our qualifications, expertise and service offerings. |
|||||||||
Sun Valuations is aware of what the most common report weaknesses are, specifically in our real estate market, as well as what constitutes a quality appraisal.
The professionals at Sun Valuations are also adequately skilled to admit that the competitors in our market are capable of quality work.
The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can count on Sun Valuations to justly examine appraisal reports carried out by others. And those others may be reviewing our work, too!