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 producing reviews should "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." At Pomeroy Appraisal Associates of Florida Inc., we provide appraisal review services that are unbiased, qualified, professional and compliant with the Federal Reserve's guidelines.
The purpose of appraisal reviews are to pursue: whether the original appraisal or evaluation is well-suited for the transaction, the exposure inherit in the transaction, and whether the procedure by which the real estate valuation is acquired guarantees independence and quality. In addition, they should denote whether the appraisal or evaluation report is true to the letter of engagement, which describes the outlook of the appraisal assignment. The Fed 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 adapting our work to the forms and guidelines of our review customers, there are four Fannie Mae forms that are primarily used for review services, and we'll develop an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. Here at Pomeroy Appraisal Associates of Florida Inc., we're experienced in all forms of appraisal reviews, review processes and the obligations of review appraisers.
We understand what the biggest reporting imperfections are, especially in our real estate market. We also know what makes a quality appraisal. In the same regard, the professionals at Pomeroy Appraisal Associates of Florida Inc. are sufficiently trained to respect that our competitors in our market are capable of a good job. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can rely on us to objectively examine appraisal reports done by others. And those others might be examining our work, too!
In short, when you choose Pomeroy Appraisal Associates of Florida Inc., you can rely on our truthful judgment, because we offer professional, unbiased, ethical appraisal review services for our customers. Contact Pomeroy Appraisal Associates of Florida Inc. for more information regarding our qualifications, expertise and service offerings.