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Getting a second opinion on an appraisalAccording to an announcement by the Federal Reserve (click here), "financial institutions must have an effective, independent real estate appraisal and evaluation program" and that it's the call of appraisers engaged in reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Here at Thomas Realty, we provide appraisal review services that are independent, efficient, professional and in line with the Federal Reserve's regulations.The purpose of appraisal reviews are to verify: whether the original appraisal or evaluation is suitable for the transaction, the exposure inherit in the transaction, and whether the method by which the real estate valuation is rendered guarantees independence and quality. Moreover, they must demonstrate whether the appraisal or evaluation report is true to the engagement letter, which sets forth the scope of the appraisal assignment. Lastly, the Federal Reserve 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 conforming our work to the processes and guidelines of our review clients, there are four Fannie Mae forms that are primarily used for review services, and we will produce an appraisal review on any one of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. Here at Thomas Realty, we're skilled in all types of appraisal reviews, review practices and the requirements of review appraisers.
In short, here at Thomas Realty, you can be sure of our independent judgment, because we offer professional, fair, ethical appraisal review services for our customers. Contact us for more information about our qualifications, expertise and services offered. |
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Thomas Realty is aware of what amounts to a quality appraisal and what the biggest deficiencies are, particularly when it comes to our local real estate market.
The professionals at Thomas Realty are also trained enough to realize that the competition in our market are able to do good work.
The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can trust us to objectively study appraisal reports carried out by others. And those others might be reviewing our work, too!