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Getting a second opinion on an appraisalAs said in a statement by the Federal Reserve (click here), "financial institutions must have an effective, independent real estate appraisal and evaluation program" and that it's the duty of appraisers doing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Holmes Appraisals provides appraisal review services that are objective, expert, professional and in accordance with the Federal Reserve's regulations.A review appraisal has to reveal: whether the original appraisal or evaluation is pertinent for the transaction, the liability inherit in the transaction, and whether the actions by which the real estate valuation is acquired ensures 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 reach of the appraisal assignment. 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 conforming our work to the processes and guidelines of our review customers, there are four Fannie Mae forms that are normally used for review services, and we'll 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 Holmes Appraisals, we are qualified in all types of appraisal reviews, review processes and the obligations of review appraisers.
At Holmes Appraisals, you can be sure of our independent judgment, because we offer professional, unbiased, ethical appraisal review services for our clients. Contact us for more information about our qualifications, expertise and services offered. |
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We know what the biggest reporting imperfections are, particularly in our real estate market. We also understand what amounts to a quality appraisal.
Concurrently, we are experienced enough to identify that our competition 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 us to fairly assess appraisal reports carried out by others. And those others may be examining our work, too!