Valuation Partners, a national real estate valuations provider, has launched two new valuation services which are designed to provide better alternatives to broker price opinions (BPOs). At roughly the same cost, the Micro Market BPO and the RE Value Pro provide much more data than typical BPOs, making them ideal for properties that require extra scrutiny.
The Micro Market BPO includes key market indicators such as sales price trends, average days on the market (DOM) and listing inventories, as well as other market factors such as the local level of foreclosure activity and current market condition. After a real estate broker fills out the form, Valuation Partners populates the document with detailed local market information that is not easily accessible to most brokers. This includes "Micro Market Trends," or graphs indicating the average sold prices and sales activity as well as average days on the market of sold properties and the proportion of local sales to listings. The Micro Market BPO is available for slightly more than the average BPO price.
The second new service added by Valuation Partners is the appraiser-assisted RE Value Pro, a more detailed solution which not only contains key market indicators and conditions, as well as "Micro Market Trends," but also current photos and maps of subject properties. Valuation Partners provides the detailed local market data, and a licensed appraiser reviews the document to ensure its accuracy and to make sure the numbers and comparable listings make sense.
“While broker price opinions are an industry standard, we realize loan servicers and asset management companies occasionally need something more,” said Bill Fall, chief executive officer of Valuation Partners. “You might call our Micro Market BPO and RE Value Pro products ‘turbo-charged’ alternatives to BPOs, perfect for properties that require additional scrutiny, yet still extremely cost-effective. For example, because they are not always accurate, BPOs are sometimes re-ordered for the same property. For a slightly higher price than the typical BPO, these new solutions provide much more data, plus extra confidence that the values are reliable and valid, the first time around.”
For more information, visit www.ValuationPartners.com.