Appraisal Review Services
Desktop Appraisal Reviews – Entire State of California. A desktop or technical appraisal review (which may also be known as an appraisal compliance review) in a state other than California would not involve the reviewer providing an alternative opinion of value in a state in which the reviewer is not licensed as an appraiser. Nonetheless, the reviewer can still work with any out of state appraisers to obtain possible report changes and/or revisions on behalf of the report writers in a cooperative manner. An overall pass/fail review can also be performed if the report was perhaps written for a different lender than the lender client of the review, where confidentiality would prevent reasonable communication with the appraisers.
Commercial and High-End Residential Field Appraisal Reviews – San Francisco Bay Area/Silicon Valley/South Bay Areas, including San Francisco County, Alameda County, San Mateo County, Marin County, Santa Clara County, Contra Costa County, San Benito County, Santa Cruz County, San Joaquin and Monterey Counties.
Kelvin Sheahan, MAI, AI-GRS holds this appraisal designation of the Appraisal Institute and has performed appraisal reviews since 1992. He has served numerous California and lender clients throughout the United States in his appraisal writing and review career.
According to Appraisal Institute research, there were about 12,500 review appraisers in the United States in 2012. As of Dec. 31, 2013, the total U.S. appraiser population stood at 81,050 individuals, reflecting all active state-licensed and -certified appraisers. As of September 20, 2014, there were 138 persons who had earned the AI-GRS designation from the Appraisal Institute, nationwide. The AI-GRS membership designation is held by appraisers who are experienced in general appraisal review. These review appraisers possess special experience and knowledge that give them the tools to address the issues unique to general and commercial real property review appraisals. AI-GRS” Designated members agree to adhere to the Appraisal Institute’s Code of Professional Ethics and Standards of professional appraisal practice, underscoring their commitment to sound and ethical professional practice. This includes a clear understanding of USPAP Standards Rule 3.
To become an AI-GRS member of the Appraisal Institute, an individual must:
- Have good moral character;
- Meet standards and ethics requirements;
- Hold a bachelorâ€™s degree or higher;
- Meet special education requirements;
- Pass a comprehensive examination; and
- Possess experience in general appraisal review that meets specific standards.
No matter the complexity of the property or the size or type, or the complexity of the appraisal assignment, it can and will be competently reviewed. Certain unusual circumstances, such as a conflict of interest may prevent accepting the assignment. This can be determined upon receipt of a .pdf copy of the report which will also provide a basis for the fastest fee quote and turnaround. All fees are quoted based upon the particular report, property type, complexity, etc.
Kelvin Sheahan, MAI, AI-GRS specializes in commercial appraisal reviews, (as technical or desktop reviews) primarily written for lender/bank oriented clients (federally related transactions) but also performs reviews on most all property types including industrial, warehouse, manufacturing, R&D;, multi-family residential, condominiums, subdivisions (residential tracts), retail, office, proposed construction, vacant land, and high-end residential, service stations and many other types of special use properties including assisted-living/nursing facilities, health clubs, marinas and many other real estate property types. Form reports are also reviewed for commercial, multi-family, condominiums and subdivision properties, vacant land and higher end residential properties.
The client/intended user of a review will typically provide the appraisal which should include an appraisal engagement letter which adequately identifies expectations of the nature and scope of the assignment. The reviewer will read the terms of the engagement letter with respect to specifically requested items and whether or not they are included in the appraisal report, as requested.
Turnaround time is an important consideration to most clients and we pride ourselves in providing committed deadlines unless circumstances beyond our control prevent us from meeting those deadlines. We can usually provide a commercial desktop or technical review in three to five working days. We can provide an exact completion date depending upon the date of the appraisal review request.
Conformance with the USPAP and federal regulations and guidelines are also important aspects of the review process. The reviewer is competent in the area of USPAP technical and compliance review and has the assistance of other MAI, AI-GRS consultants in the event of unusual appraisal problems or issues which may require a second opinion. Client confidentiality is at all times maintained and respected.
Compliance with the requirements of federally related transactions including an understanding of FIRREA, the FDIC, OTC, and OTS are also priorities.
As additional assurance, a checklist of 94 items is addressed.