Pro-Teck Services Endorses Broker Price Opinion Standards and Guidelines

Jun 11, 2009, 13:37 ET from Pro-Teck Services

WALTHAM, Mass., June 11 /PRNewswire/ -- Pro-Teck Services strives to present its clients with the most accurate and timely real estate valuation information available. It is in this spirit that Pro-Teck enthusiastically endorses the BPO Standards and Guidelines (BPOSG) recently introduced by the BPO Standards Board (BSB).

The BPOSG provides a comprehensive framework for the preparation of Broker Price Opinions (BPOs), including best practices for the selection and utilization of comparable properties, pricing considerations, the use of photographs, and ethical and competency considerations. BPOSG is being adopted throughout the valuation industry, and Pro-Teck Services is pleased to have provided people and resources to its development.

The BSB was established by the Real Estate Valuation Advocacy Association (REVAA), a nonprofit trade association dedicated to formalizing standards within the real estate valuation industry. REVAA's mission is to promote ethical standards, political awareness and the advancement of an array of valuation methods.

Jeff Dickstein, Chief Appraiser of Pro-Teck Services, commented on the importance of BPOSG. "Today the industry is looking for consistent quality in all valuation products and services. The BPOSG goes a long way in standardizing broker output and delivering defendable valuations. Pro-Teck is proud to note that 100% of its BPOs today are compliant with the BPOSG."

Mr. Dickstein also added, "Fannie Mae and Freddie Mac's loan modification programs make significant use of BPOs. The BPOSG will help provide solid valuations for these important initiatives."

About Pro-Teck Services:

Established in 1977, Pro-Teck Services works with lenders, servicers, investors and insurance underwriters to improve risk management through superior real estate collateral information. By focusing on quality, customer service and technology, Pro-Teck Services enables its customers to make sound valuation decisions.

    Domenica Puleo

SOURCE Pro-Teck Services