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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 appraisers undertaking reviews ought to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Here at Shafer Appraisal, we provide appraisal review services that are impartial, efficient, professional and in accordance with the Federal Reserve's regulations.A review appraisal has to determine: whether the original appraisal or evaluation is suitable for the transaction, the liability inherit in the transaction, and whether the manner by which the property valuation is obtained guarantees independence and quality. Moreover, they must announce whether the appraisal or evaluation report matches the letter of engagement, which describes the extent of the appraisal assignment. Lastly, the Federal Reserve notes 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 tailoring our work to the practices and guidelines of our review clients, there are four Fannie Mae forms that are usually used for review services, and we can 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. At Shafer Appraisal, we are skilled in every kind of appraisal review, review procedure and the obligations of review appraisers.
At Shafer Appraisal, you can rely on our honest judgment, because we offer professional, unbiased, ethical appraisal review services for our customers. Contact us for more information regarding our qualifications, expertise and service offerings. |
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Shafer Appraisal realizes what the most prevalent report weaknesses are, particularly in our real estate market, as well as what represents a quality appraisal.
The professionals at Shafer Appraisal are also amply skilled to acknowledge that the competitors in our market are qualified to do a fine job.
The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can rely on Shafer Appraisal to justly study appraisal reports performed by others. And those others could be reviewing our work, too!