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Getting a second opinion on an appraisalAs 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 it's the expectation of appraisers performing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Tim Spaulding & Associates provides appraisal review services that are unbiased, qualified, professional and compliant with the Federal Reserve's regulations.A review appraisal has to reveal: whether the original appraisal or evaluation is suitable for the transaction, the risk inherit in the transaction, and whether the actions by which the real estate valuation is acquired guarantees independence and quality. Moreover, they should demonstrate whether the appraisal or evaluation report is consistent with the letter of engagement, which sets forth the capacity 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 procedures and guidelines of our review clients, there are four Fannie Mae forms that are largely 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 Tim Spaulding & Associates, we're experienced in every form of appraisal review, review process and the responsibilities of review appraisers.
In short, at Tim Spaulding & Associates, you can count on our truthful judgment, because we offer professional, unbiased, ethical appraisal review services for our clients. Contact Tim Spaulding & Associates for more information regarding our qualifications, expertise and service offerings. |
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We understand what constitutes a quality appraisal and what the most prevalent inadequacies are, especially in our home market.
Concurrently, we're trained enough to know that our competitors in our market are capable of doing a fine job.
The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can trust Tim Spaulding & Associates to ethically examine appraisal reports performed by others. And those others may be studying our work, too!