We provide real estate appraisal review services to several of our clients. Appraisal reviews are performed for residential and commercial properties and include existing properties as well as construction projects. Our reviewers have many years of experience working with a variety of property and project types and can provide a robust review in a timely and cost-effective manner to assist clients in making well informed lending or collateral decisions. The volume of review activity also ensures that our reviewers are familiar with current market conditions; and our continuing education with The Appraisal Institute, RMA, and other professional organizations ensure that we are up-to-date with appraisal requirements and regulations.
We have a flexible fee schedule, which meets the client’s individualized requirements; fees can be on a flat fee basis for the type (residential versus commercial) and complexity of the property or at an agreed upon hourly rate. Clients can let their customer or prospect know what the fee would be with confidence, if the intent is to pass the fee through. Turnaround time is rapid, with completed reviews typically returned to the Client within 5 business days. Using Bennington’s review services can be cost effective for the client by reducing the need for appropriately qualified in-house review staff and by having a more predictable turnaround time, which is particularly important for new financing opportunities. Appraisal reviews can be completed on Bennington’s standard review form, which includes a narrative discussion, or using the Client’s form.
Reviews are completed by the Directors, Denise Dukette, Jay Hostetter and Katie Parente, all of whom have extensive banking experience, which includes many years of commercial real estate. Our reviews are completed to ensure that the appraisal is in conformance with FIRREA requirements, as well as USPAP. The Directors assess the quality of the preparation, mathematical accuracy, and reasonableness of assumptions to affirm whether an appraisal is acceptable. If the Directors determine that an appraisal is too complex or is for a highly specialized project or property, they will recommend to the client that a licensed appraiser with appropriate expertise perform the review to ensure an accurate assessment. This is an infrequent occurrence but provides the Client with the assurance that the necessary competency is brought to the review engagement.