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 appraisers performing reviews should "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Saunders Appraisals provides appraisal review services that are unbiased, expert, professional and in line with the Federal Reserve's regulations.
A review appraisal should pursue: whether the original appraisal or evaluation is fitting for the transaction, the exposure inherit in the transaction, and whether the procedure by which the real estate valuation is acquired ensures independence and quality. Moreover, they should demonstrate whether the appraisal or evaluation report is compatible with the engagement letter, which sets forth the outlook of the appraisal assignment. Lastly, the Fed also 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 forms and guidelines of our review customers, there are four Fannie Mae forms that are generally used for review services, and we will prepare an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At Saunders Appraisals, we are experienced in every type of appraisal review, review process and the responsibilities of review appraisers.
We know what the most likely report defects are, specifically in our real estate market, as well as what represents a quality appraisal. The professionals at Saunders Appraisals are also sufficiently experienced to respect that the competition in our market are skillful in doing quality work. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can rely on Saunders Appraisals to ethically look over appraisal reports completed by others. And those others could be reviewing our work, too!
You can depend on Saunders Appraisals for our truthful judgment, because we offer professional, fair, ethical appraisal review services for our customers. Contact Saunders Appraisals to learn more about our qualifications, expertise and service offerings.