Pro Teck’s Evaluation is a cost-effective option in the 34 states where Broker/Agents are allowed to complete them. Similar to a Broker Price Opinion (BPO) in terms of information, an Evaluation differs in that a market value is determined instead of a price opinion.
An Interagency Advisory on Use of Evaluations in Real Estate-Related Financial Transactions confirmed that under appraisal regulations, there are several transaction types that do not require an appraisal, but do require an evaluation. These include transactions where the “transaction value” is $250,000 or less, and certain renewals, refinances, or other transactions involving existing extensions of credit.
The Evaluation process is as follows:
After placing an order, a real estate professional from Pro Teck’s national network visits the property, takes photos and notes condition. The Interagency-compliant Evaluation includes observations of the subject property, any recommended repairs needed, prevailing local market conditions and the real estate professional’s estimate of market value.
Please note, Broker/Agent generated Evaluations can be used in the following states: Alabama, Alaska, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Indiana, Iowa, Kansas, Kentucky, Maine, Michigan, Missouri, Montana, Nebraska, New Hampshire, New Jersey, New York, North Dakota, Ohio, Oklahoma, Rhode Island, South Carolina, Tennessee, Texas, Utah, Virginia, Washington and Wisconsin. They can also be used in Massachusetts and Vermont for Non-Federally Related Transactions.
Pro Teck offer a full suite of valuation products and services. We don't favor one solution over another - we review your requirements, your risk tolerance and all regulatory considerations in order to recommend the best solution.