Appraisal Reviews with South Shore Realty Advisors, Inc
According to an announcement by the Federal Reserve, "financial institutions are required to have effective, independent real estate appraisal and evaluation plans," and that appraisers performing reviews ought to "have the ability and skills to assess compliance with the Federal Reserves appraisal regulations and guidelines." South Shore Realty Advisors, Inc provides appraisal review services that are independent, expert, professional and square with the Federal Reserve's rules.
If you have questions regarding an appraisal, or if you need a real estate appraisal review, contact us today.
Appraisal reviews "must figure out whether the appraisal or evaluation is well-suited for the transaction, the risk of the transaction, and whether the methods by which the collateral valuation is acquired guarantees independence and quality," according to the Federal Reserve. Moreover, they "must show whether the appraisal or evaluation report is consistent with the letter of engagement, which sets forth the scope of the appraisal assignment." Lastly, the Federal Reserve states that "some financial institutions augment typical reviews with post-funding assessments of appraisal quality for some of their higher-liability or higher-value transactions as a method to help in exposing valuation problems."
In addition to tailoring our work to the regulations and guidelines of our review customers, there are four Fannie Mae forms that are widely used for review services, and we'll formulate an appraisal review on any one of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. Here at South Shore Realty Advisors, Inc, we are skilled in all types of appraisal reviews, review practices and the obligations of review appraisers.
We are aware of what the most frequent defects are, especially in our housing market, as well as what constitutes a quality appraisal. We're also adequately skilled to respect that the competition in our market are capable of doing a good job. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can rely on South Shore Realty Advisors, Inc to justly examine appraisal reports performed by others. And those others may be examining our work, too!
You can rely on South Shore Realty Advisors, Inc for our truthful judgment, because we offer professional, fair, ethical appraisal review services for our clients. Contact us for more information regarding our qualifications, expertise and service offerings.