Nationwide valuation and review services company Allstate Appraisal [1], based in Chicago Heights, Illinois, and computer-aided appraising technology pioneer Bradford Technologies [2], based in San Jose, California, announced the launch of Valuation Express, a desktop appraisal product that incorporates third-party property inspections.
The reports produced through Valuation Express are prepared by licensed, certified appraisers utilizing their expertise and knowledge of local markets and using statistical analysis to support their conclusions regarding the property's value. This makes Valuation Express reports significantly higher in quality than reports provided by broker price opinions (BPOs) and automated valuation models (AVMs), which do not use statistical analysis and are not completed by licensed appraisers.
Valuation Express reports also come at a fraction of the cost of full appraisal reports, which makes Valuation Express a viable option in the case of a non-first trust deed transaction.
"We are thrilled to be working with Allstate Appraisal. With their history of success in the appraisal industry and the new, unique Valuation Express appraisal product, they are well positioned to effectively compete in the expanding market for alternative valuations," said Jeff Bradford, CEO of Bradford Technologies. "These alternative desktop products open up opportunities for all appraisers in new markets that can augment their traditional business."
Appraisers at Allstate produce Valuation Express reports using Bradford Technologies' CompCruncher software, and the reports are available exclusively through Allstate Appraisal.
"The market needs alternatives that provide the strength and accuracy of an appraiser-driven valuation but without the time and expense of a full appraisal," said Steven Albert, President of Allstate Appraisal. "The Valuation Express report provides the right balance of quality and expertise of the local appraiser at the price points lenders require. This is exactly the solution our clients have been asking for."