At De Graff Associates we provide independent appraisal review services. We are qualified, professional and will meet with the Federal Reserve's guidelines.
We offer desk as well as field reviews and are experienced in all types of appraisal reviews, review procedures and the responsibilities of appraisers.
Appraisal reviews are utilized to determine whether the appraisal or evaluation is appropriate for the transaction. We look at the risk of the transaction, and whether the appraisal process used ensures independence and quality.
The Federal Reserve has stated that financial institutions must have an effective, independent real estate appraisal and evaluation program. Appraisers performing reviews should have the knowledge and expertise to assess compliance with the Federal Reserves appraisal regulations and guidelines.
We follow the Feds and all stated guidelines in looking to see if the appraisal or evaluation report is consistent with the engagement letter, which sets forth the scope of the appraisal assignment.
The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, to ethically evaluate appraisal reports performed by others.
In addition to conforming our work to the forms and guidelines of our review clients, there are four standard Fannie Mae forms that are generally used for review services, and prepare an appraisal review on any of them.
We understand a quality appraisal and what the most common deficiencies are. As in our standard appraisal work we utilize a 75 point check list which is always expanded and refined to ensure the best possible appraisal work the first time.
Appraisal review is an important quality control function. An appraisal review is the process of developing and communicating an opinion of the quality of another appraiser's work. In an appraisal review the reviewer expresses opinions regarding the completeness, adequacy, relevance, appropriateness and the reasonableness of the work under review. It may or may not include opinions regarding value.
Most appraisal reviews are performed to determine whether the appraisal report's conclusions are consistent with the data reported and other generally known information. The reasonableness of any hypothetical conditions, extraordinary assumptions or general limiting conditions is also considered.
The function of the review appraiser is not to appraise the property but to examine the contents of the appraisal report and form an impartial and objective opinion as to its adequacy and appropriateness. Additionally, the reviewer judges the reasoning and logic of the appraiser's work. Depending upon the scope of the review assignment.
