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 responsibility of appraisers doing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." C.S. Heaton Appraisals Inc provides appraisal review services that are impartial, qualified, professional and in accordance with the Federal Reserve's rules.
The purpose of appraisal reviews are to ascertain: whether the original appraisal or evaluation is appropriate for the transaction, the exposure inherit in the transaction, and whether the means by which the property valuation is accomplished guarantees independence and quality. The review should also denote whether the appraisal or evaluation report is true to the letter of engagement, which gives an account of the scope of the appraisal assignment. Lastly, the Federal Reserve also 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 adapting our work to the practices and guidelines of our review clients, there are four Fannie Mae forms that are normally used for review services, and we can 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 C.S. Heaton Appraisals Inc, we're trained in every type of appraisal review, review procedure and the obligations of review appraisers.
We are aware of what the most frequent reporting inadequacies are, particularly in our housing market. We also understand what makes a quality appraisal. Concurrently, we're professional enough to distinguish that our competition in our market are qualified to do a fine job. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can count on us to lawfully review appraisal reports executed by others. And those others could be reviewing our work, too!
In short, here at C.S. Heaton Appraisals Inc, you can count on our independent judgment, because we offer professional, impartial, ethical appraisal review services for our customers. Contact us for more information about our qualifications, expertise and service offerings.