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Getting a second opinion on an appraisalAccording to 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 obligation of appraisers preparing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Grantham Appraisal & Realty, Inc. provides appraisal review services that are objective, qualified, professional and compliant with the Federal Reserve's guidelines.A review appraisal should pursue: whether the original appraisal or evaluation is suitable for the transaction, the exposure inherit in the transaction, and whether the means by which the real estate valuation is rendered ensures independence and quality. In addition, they must indicate whether the appraisal or evaluation report matches the letter of engagement, which sets forth the range of the appraisal assignment. Lastly, the Fed goes on to say 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 forms and guidelines of our review clients, there are four Fannie Mae forms that are usually 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. At Grantham Appraisal & Realty, Inc., we are experienced in every kind of appraisal review, review procedure and the responsibilities of review appraisers.
In short, when you choose Grantham Appraisal & Realty, Inc., you can have confidence in our truthful judgment, because we offer professional, fair, ethical appraisal review services for our clients. Contact Grantham Appraisal & Realty, Inc. for more information about our qualifications, expertise and services offered. |
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Grantham Appraisal & Realty, Inc. realizes what makes a quality appraisal and what the most prevalent inadequacies are, especially in our local real estate market. Concurrently, the professionals at Grantham Appraisal & Realty, Inc. are amply skilled to realize that our competitors in our market are able to do quality work. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can count on us to justly valuate appraisal reports completed by others. And those others might be evaluating our work, too!