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 obligation 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 Sightes Appraisal, we provide appraisal review services that are objective, efficient, professional and square with the Federal Reserve's guidelines.
A review appraisal should verify: whether the original appraisal or evaluation is fitting for the transaction, the liability inherit in the transaction, and whether the method by which the real estate valuation is accomplished ensures independence and quality. Moreover, they must announce whether the appraisal or evaluation report is in line with the engagement letter, which sets forth the capacity of the appraisal assignment. The Fed states 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 adapting 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 can formulate an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At Sightes Appraisal, we're qualified in every kind of appraisal review, review practice and the requirements of review appraisers.
We realize what the most prevalent report deficiencies are, especially in our home market, as well as what represents a quality appraisal. The professionals at Sightes Appraisal are also amply skilled to identify that our competitors in our market are skillful in doing a fine job. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can count on Sightes Appraisal to lawfully examine appraisal reports done by others. And those others might be examining our work, too!
In short, at Sightes Appraisal, you can be sure of our independent judgment, because we offer professional, impartial, ethical appraisal review services for our clients. Contact us for more information regarding our qualifications, expertise and services offered.