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Getting a second opinion on an appraisalAs stated in 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 River to Sea Appraisals, LLC. , we provide appraisal review services that are objective, expert, professional and compliant with the Federal Reserve's rules.A review appraisal has to ascertain: whether the original appraisal or evaluation is well-suited for the transaction, the exposure inherit in the transaction, and whether the actions by which the real estate valuation is obtained guarantees independence and quality. They must also signify whether the appraisal or evaluation report is in line with the engagement letter, which sets forth the reach of the appraisal assignment. Lastly, 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".
In addition to adjusting our work to the practices and guidelines of our review customers, there are four Fannie Mae forms that are mostly used for review services, and we'll 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 River to Sea Appraisals, LLC. , we are trained in every type of appraisal review, review practice and the responsibilities of review appraisers.
You can rely on River to Sea Appraisals, LLC. for our honest judgment, because we offer professional, objective, ethical appraisal review services for our clients. Contact us for more information about our qualifications, expertise and service offerings. |
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We're aware of what the most frequent reporting imperfections are, specifically in our real estate market. We also know what makes a quality appraisal.
The professionals at River to Sea Appraisals, LLC. are also experienced enough to recognize that our competition in our market are capable of doing a fine job.
The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can rely on River to Sea Appraisals, LLC. to ethically evaluate appraisal reports executed by others. And those others may be studying our work, too!