Pro Teck Valuation Services announced a new hybrid appraisal product for home equity and 2nd mortgage lending. The Appraisal Desktop with Inspection (ADI) is completed by an in-state licensed staff appraiser in compliance with USPAP standards.
ADI fills the gap between an Automated Valuation Model (AVM) with Property Condition Report (PCR) and a field appraisal. The ADI is a desktop appraisal that appraisers can complete and be USPAP compliant, and is more economical than field appraisal alternatives, such as a Form 2055.
The process begins with a local real estate broker/agent from Pro Teck’s national panel who takes photos and completes a full inspection of the subject property and neighborhood influences. The inspection is then routed to an appraiser who uses MLS and other market data along with access to Pro Teck’s local market condition analytics to determine the most accurate valuation.
Two of Pro Teck’s core assets are the deep experience of its national staff appraiser team located throughout the country and its large, mature, national network of real estate brokers/agents. The ADI leverages both these assets by utilizing the local real estate broker for an inspection and the staff appraiser for the analysis and reconciliation of market data.
“For those searching for a valuation product that meets stringent risk and regulatory demands, Pro Teck’s ADI is a safe, accurate, timely and affordable field appraisal alternative,” said Tom O’Grady, CEO of Pro Teck Valuation Services. “The ADI provides a quality valuation in an easy-to-read format with a turn-time of less than five business days.”