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Getting a second opinion on an appraisalAccording to an announcement by the Federal Reserve (click here), "financial institutions must have an effective, independent real estate appraisal and evaluation program" and that appraisers doing reviews should "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Gorelick Appraisals, Inc. provides appraisal review services that are objective, efficient, professional and square with the Federal Reserve's regulations.The purpose of appraisal reviews are to verify: whether the original appraisal or evaluation is pertinent for the transaction, the exposure inherit in the transaction, and whether the method by which the property valuation is obtained ensures independence and quality. The review must also indicate whether the appraisal or evaluation report matches the letter of engagement, which sets forth the range of the appraisal assignment. Lastly, the Federal Reserve also 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 conforming our work to the processes and guidelines of our review customers, there are four Fannie Mae forms that are primarily used for review services, and we can formulate an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At Gorelick Appraisals, Inc., we're skilled in every form of appraisal review, review practice and the obligations of review appraisers.
You can count on Gorelick Appraisals, Inc. for our truthful judgment, because we offer professional, objective, ethical appraisal review services for our clients. Contact us for more information about our qualifications, expertise and services offered. |
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We are familiar with what the most prevalent report deficiencies are, particularly in our housing market, as well as what constitutes a quality appraisal.
The professionals at Gorelick Appraisals, Inc. are also amply skilled to admit that our competitors in our market are capable of good work.
The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can count on us to objectively assess appraisal reports done by others. And those others may be studying our work, too!