|
|
Getting a second opinion on an appraisal
According 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 fulfilling reviews must "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines."
Alan Harvey provides appraisal review services that are objective, expert, professional and square with the Federal Reserve's regulations.
A review appraisal should determine: whether the original appraisal or evaluation is appropriate for the transaction, the exposure inherit in the transaction, and whether the processes by which the property valuation is accomplished guarantees independence and quality.
Moreover, they must announce whether the appraisal or evaluation report is compatible with the letter of engagement, which gives an account of the scope of the appraisal assignment.
The Federal Reserve 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".
 |
 |
 |
If you have questions regarding an appraisal, or if you need a real estate appraisal review, contact us today. |
|
|
In addition to conforming our work to the procedures and guidelines of our review customers, there are four Fannie Mae forms that are mostly used for review services, and we will develop an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form.
At Alan Harvey , we're qualified in all kinds of appraisal reviews, review processes and the obligations of review appraisers.
We know what constitutes a quality appraisal and what the biggest deficiencies are, specifically for reports in our home market.
We're also experienced enough to acknowledge that the competition in our market are qualified to do a good job.
The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can trust Alan Harvey to fairly look over appraisal reports carried out by others. And those others could be reviewing our work, too!
In short, at Alan Harvey , you can count on our truthful judgment, because we offer professional, fair, ethical appraisal review services for our clients.
Contact Alan Harvey to learn more about our qualifications, expertise and service offerings.
|
|