Home Value Questions, Answered !
Accuracy, timeliness & cost are the key issues in the valuation, or appraisal industry today. Traditionally, accuracy has taken time & at a price. Cutting down the time has typically taken a toll on accuracy in order to reduce the price or cost of valuation services. It can be argued that the initial savings may not be a savings at all, if you get an inaccurate valuation that in the long run winds up costing you way more than you saved up front. In recent years many users of valuation services have looked to Broker Price Opinions for their valuation needs instead of the more traditional appraisal in an effort to save money. In 2010 it is reported that about 18 million of these were ordered nationwide. However, many are now finding & in agreement that the resulting accuracy has been varied or inconsistent. Weather due to the speed the agents perform these Broker Price Opinions (BPO) under due to very low pay to do them, lack of valuation training, or possible bias issues, is unclear, but some lenders, like US Bank, are discovering through testing that these low cost valuations have been costing them plenty.
The answer needs to be an accurate, low cost & fast to do valuation product, produced by properly trained & experienced valuation professionals (appraisers). All 3 elements of the equation must be met to best serve the needs of the valuation industry.
Enter: The Collateral Valuation Report
Developed by Bradford Technologies, the Collateral Valuation report or CVR for short, has incorporated this philosophy in a new and amazing new type of appraisal that couples appraiser knowledge, training & experience together with the power of statistical support & regression analysis. The result is a reliable appraisal product that can be done quickly enough by the appraiser so as to be priced at a competitive price with BPOs & delivered in 24 - 48 hours in most cases. Wow & it's USPAP compliant too.
It can be used for : Heloc loans, BPO alternative, REO & Short Sale market valuations, forensic appraisals, appraisal review, estate work, divorces, tax assessment challenges, etc.
Contact us today, & find out about the CVR report & how it can benefit you!
Craig Chapman, SRA, CVR certified - accessappraisals@msn.com
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