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Getting a second opinion on an appraisalAs 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 appraisers producing reviews have to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Greg Scorza Real Estate Appraiser provides appraisal review services that are impartial, expert, professional and in accordance with the Federal Reserve's regulations.The purpose of appraisal reviews are to verify: whether the original appraisal or evaluation is fitting for the transaction, the risk inherit in the transaction, and whether the means by which the property valuation is rendered guarantees independence and quality. They must also show whether the appraisal or evaluation report is true to the letter of engagement, which gives an account of the range of the appraisal assignment. The Fed also 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 adapting our work to the regulations and guidelines of our review customers, there are four Fannie Mae forms that are typically used for review services, and we can formulate an appraisal review on any one of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. Here at Greg Scorza Real Estate Appraiser, we are qualified in all forms of appraisal reviews, review procedures and the responsibilities of review appraisers.
For professional, unbiased, ethical appraisal review services and neutral judgments, you can count on Greg Scorza Real Estate Appraiser. Contact Greg Scorza Real Estate Appraiser for more information regarding our qualifications, expertise and service offerings. |
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Greg Scorza Real Estate Appraiser is aware of what amounts to a quality appraisal and what the most frequent errors are, especially when it comes to our local housing market.
In this regard, we are experienced enough to acknowledge that our competitors in our market are capable of doing good work.
The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can rely on us to ethically study appraisal reports carried out by others. And those others may be studying our work, too!