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Getting a second opinion on an appraisal
According to 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 responsibility of appraisers doing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines."
Karen Castaneda Appraisals provides appraisal review services that are unbiased, efficient, professional and square with the Federal Reserve's guidelines.
A review appraisal should detect: whether the original appraisal or evaluation is well-suited for the transaction, the liability inherit in the transaction, and whether the processes by which the property valuation is rendered ensures independence and quality.
Moreover, they should demonstrate whether the appraisal or evaluation report matches the letter of engagement, which gives an account of the extent 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".
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If you have questions regarding an appraisal, or if you need a real estate appraisal review, contact us today. |
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In addition to tailoring our work to the regulations and guidelines of our review clients, there are four Fannie Mae forms that are usually 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 Karen Castaneda Appraisals, we are qualified in all kinds of appraisal reviews, review processes and the responsibilities of review appraisers.
Karen Castaneda Appraisals is aware of what the greatest reporting inadequacies are, specifically in our real estate market. We also know what constitutes a quality appraisal.
We're also sufficiently skilled to respect that our competition in our market are able to do a great job.
The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can rely on us to ethically assess appraisal reports completed by others. And those others may be examining our work, too!
Here at Karen Castaneda Appraisals, you can have confidence in our independent judgment, because we offer professional, objective, ethical appraisal review services for our customers.
Contact us regarding our qualifications, expertise and service offerings.
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