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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 ought to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Marco Tiberio provides appraisal review services that are impartial, expert, professional and in accordance with the Federal Reserve's guidelines.A review appraisal should reveal: whether the original appraisal or evaluation is pertinent for the transaction, the risk inherit in the transaction, and whether the methods by which the real estate valuation is attained guarantees independence and quality. The review should also signify whether the appraisal or evaluation report is compatible with the engagement letter, which sets forth the extent of the appraisal assignment. Lastly, the Federal Reserve states 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 adjusting 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 will 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 Marco Tiberio, we are trained in every type of appraisal review, review procedure and the obligations of review appraisers.
You can depend on Marco Tiberio for our independent judgment, because we offer professional, objective, ethical appraisal review services for our clients. Contact Marco Tiberio regarding our qualifications, expertise and services offered. |
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We're aware of what represents a quality appraisal and what the biggest imperfections are, especially when it comes to our home market.
In the same regard, we are skilled enough to know that the competition in our market are qualified to do a great job.
The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can trust Marco Tiberio to fairly valuate appraisal reports performed by others. And those others could be evaluating our work, too!