Most clients believe that Valuation Management Group’s (VMG) expertise is limited to residential and commercial appraisals, but did you know that we also offer the full menu of environmental assessment products? This includes Environmental Checklists, Phase I’s and Phase II’s.
While many lenders request environmental assessments, not everyone in the lending or servicing business knows what these are and why and when they are necessary. For expert assistance with this subject, Dana Spotts, Principal at Contour Environmental, LLC, has partnered with VMG to present a three part blog to help everyone and anyone better understand these products. We will begin with Environmental Checklists.
An Environmental Checklist (EC) is a very preliminary screening of potential environmental liabilities associated with “low risk” properties such as undeveloped rural land. The EC does not include historical research, regulatory records research, and/or interviews. Based on the limited nature of assessment performed as part of an EC, they should be performed only on very “low risk” properties. It should be noted that an EC does not qualify as an approved assessment under the “innocent land owner” defense. As such, the report user may wish to consider performing a Phase I ESA (environmental site assessment) rather than completing an EC. – Dana Spotts, Contour Environmental, LLC
Valuation Management Group is a national, full service appraisal management company that manages the appraisal process for community banks, mortgage bankers and credit unions. We take the process from ordinary to extraordinary.