Getting a second opinion on an appraisalAs said 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 duty of appraisers performing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Sharon L White Appraisal Services, LLC provides appraisal review services that are independent, efficient, professional and square with the Federal Reserve's regulations.
The purpose of appraisal reviews are to determine: whether the original appraisal or evaluation is applicable for the transaction, the liability inherit in the transaction, and whether the manners by which the property valuation is obtained guarantees independence and quality. They must also show whether the appraisal or evaluation report is consistent with the engagement letter, which describes the depth 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".
In addition to adjusting our work to the practices and guidelines of our review clients, there are four Fannie Mae forms that are typically used for review services, and we can prepare an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. Here at Sharon L White Appraisal Services, LLC, we are skilled in every type of appraisal review, review practice and the obligations of review appraisers.
Sharon L White Appraisal Services, LLC realizes what amounts to a quality appraisal and what the most prevalent imperfections are, especially when it comes to our local housing market. In this regard, we're professional enough to acknowledge that our competitors in our market are able 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 us to fairly study appraisal reports done by others. And those others might be examining our work, too!
In short, at Sharon L White Appraisal Services, LLC, you can count on our honest judgment, because we offer professional, fair, ethical appraisal review services for our clients. Contact Sharon L White Appraisal Services, LLC regarding our qualifications, expertise and service offerings.