BrokerPriceOpinon.com has developed a solution for lenders, investors and insurers who are engaged in disputes over values on aged inventories of properties.
The Retrospective Broker Price Opinion report provides a developed opinion of value for a subject property based on the retrospective date. The report can be used as a due diligence tool to identify critical information regarding a subject property’s characteristics or past misrepresentation of value that could have contributed to fraud in a real estate transaction.
Walt Coats, CEO of BrokerPriceOpinion.com, said parties could use the report during a negotiation as a standard by which all value disputes can be resolved.
The report is effective for probate, trust and estate purposes, court cases, divorce and bankruptcy judgments. It also provides a spot check of a valuation as part of a quality control process.
Other features that the report delivers include comprehensive market sales data and a description of the subject property. The report provides a historical analysis of the property’s neighborhood, local and regional past market information and trends, as well as sales data from comparable properties that sold relative to the effective date covered in the report.
After a licensed company real estate broker, agent and appraiser conducts the property valuation, the report is reviewed by analysts for quality and accuracy at the Westminster, Colo., headquarters.
BrokerPriceOpinion.com said the reports are based on the National Association of BPO Professionals standards, reasoning and methodology, and every report is customized for a specific client.
The average turn time for a report is 3.2 days, the valuation company said.
“We’ve seen a considerable uptick in the demand for retrospective BPOs as a review tool,” said Michael Richardson, president of BrokerPriceOpinion.com. “We’re able to leverage our unique technology and quality review team to provide the retrospective BPO with high quality standards.”
