Colorado-based ""BrokerPriceOpinion.com"":http://www.BrokerPriceOpinion.com, a provider of customized valuation solutions, has launched its new Professional Property Inspection report, which incorporates detailed home information from an automated valuation model (AVM).
[IMAGE] The report also includes verification of the physical condition of the property and full photo documentation. The Professional Property Inspection report meets the new federal interagency appraisal and valuation guidelines that went into effect April 1.
""The recently published interagency guidelines require that lenders ascertain a property's current physical condition when utilizing AVMs,"" said Walt Coats, CEO of BrokerPriceOpinion.com.
Coats continued, ""By supplementing our existing AVMs with external property condition reports and subject[COLUMN_BREAK]
photos as well as the DNA of the subject property, we are assisting lenders in achieving compliance with the new federal requirements while providing local market expertise to the results.""
With REO inventories rising, accurate and reliable home valuations are critical for mortgage and real estate professionals to make profitable and compliant decisions, according to BrokerPriceOpinion.com.
The company says its Professional Property Inspection report provides lenders, servicers, and asset managers affordable and time sensitive information to meet the demands of the management and disposition of these distressed properties.
The company's nationwide network of more than 65,000 licensed real estate brokers and agents and appraisers conduct the new reports, and in-house quality control analysts assist in determining the subject property's location and physical condition, including details of the property's neighborhood and makeup.
Reports are completed in two business days on average and cost more than an AVM but less than a full BPO.
""Our clients have a better handle on risk with the Professional Property Inspection report,"" said Michael Richardson, president of BrokerPriceOpinion.com. ""We work diligently every day to find the true value, quality, and condition of the assets we review, which yields a very accurate valuation assessment and helps mitigate any opportunities for fraud.""