BrokerPriceOpinion.com, a provider of customized valuation solutions, has announced the launch of its new Professional Property Inspection report, which incorporates detailed home information from an automated valuation model (AVM) together with verification of the physical condition of the property and full photo documentation. The Professional Property Inspection report is designed to meet the new federal interagency appraisal and valuation guidelines, which go into effect on April 1, the same day the new Professional Property Inspection report by BrokerPriceOpinion.com goes on sale, enabling valuation customers to be compliant with the guidelines. BrokerPriceOpinion.com’s 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 properties.
“The recently published interagency guidelines require that lenders ascertain a property’s current physical condition when utilizing AVMs,” said Walt Coats, chief executive officer of BrokerPriceOpinion.com. “By supplementing our existing AVMs with external property condition reports and subject 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.”
BrokerPriceOpinion.com’s Professional Property Inspection reports are conducted by the company’s nationwide network of more than 65,000 licensed real estate brokers and agents, and appraisers. Additionally, the company’s 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, resulting in an intelligent determination of a property’s condition. All reports contain full photo documentation of the subject properties. The company’s in-house process of compiling and crafting the report together with an AVM provides lenders, servicers and asset managers with a professional property inspection report as a standalone product establishing the home’s condition.
“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.”