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Appraisal ReviewsAs 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 appraisers producing reviews are obligated to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." At Sandcastle Management & Realty, we provide appraisal review services that are impartial, expert, professional and compliant with the Federal Reserve's regulations.
A review appraisal has to find out: whether the original appraisal or evaluation is fitting for the transaction, the liability inherit in the transaction, and whether the actions by which the property valuation is obtained ensures independence and quality. They should also indicate whether the appraisal or evaluation report matches the engagement letter, which sets forth the range of the appraisal assignment. Lastly, the Fed says 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 tailoring our work to the practices and guidelines of our review clients, there are four Fannie Mae forms that are usually used for review services, and we can produce an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At Sandcastle Management & Realty, we're qualified in every form of appraisal review, review process and the obligations of review appraisers.
 We understand what constitutes a quality appraisal and what the greatest errors are, specifically when it comes to our local real estate market. The professionals at Sandcastle Management & Realty are also trained enough to distinguish that our competition in our market are able to do good work. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can rely on us to justly study appraisal reports executed by others. And those others may be evaluating our work, too!
When you choose Sandcastle Management & Realty, you can have confidence in our independent judgment, because we offer professional, fair, ethical appraisal review services for our clients. Contact Sandcastle Management & Realty to learn more about our qualifications, expertise and services offered.
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