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Getting a second opinion on an appraisal
As 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 duty of appraisers undertaking reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines."
Ralph Martin & Associates, Inc. provides appraisal review services that are independent, efficient, professional and square with the Federal Reserve's rules.
The purpose of appraisal reviews are to reveal: whether the original appraisal or evaluation is suitable for the transaction, the liability inherit in the transaction, and whether the process by which the property valuation is obtained guarantees independence and quality.
They should also show whether the appraisal or evaluation report is in line with the engagement letter, which gives an account of the range 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".
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If you have questions regarding an appraisal, or if you're in the need of a real estate appraisal review, contact us today. |
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In addition to adapting our work to the procedures and guidelines of our review clients, there are four Fannie Mae forms that are primarily used for review services, and we can develop 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 Ralph Martin & Associates, Inc., we're trained in every kind of appraisal review, review practice and the requirements of review appraisers.
We are aware of what the most common report weaknesses are, especially in our real estate market, as well as what amounts to a quality appraisal.
In this regard, we are proficient enough to distinguish that the competitors in our market are capable of doing good work.
The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can rely on Ralph Martin & Associates, Inc. to ethically review appraisal reports performed by others. And those others may be examining our work, too!
In short, when you choose Ralph Martin & Associates, Inc., you can have confidence in our neutral judgment, because we offer professional, objective, ethical appraisal review services for our customers.
Contact Ralph Martin & Associates, Inc. for more information about our qualifications, expertise and services offered.
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