As a leader in mortgage appraisal support, 7 Virtual Assistant Services offers customized appraisal services to lenders, credit unions and appraisal companies.
It is our job to provide credible reports with reliable and realistic property values, and we take this job very seriously. Our appraisal review process is second to none, and we examine and analyze the report from all angles to assess property location, instances of overvaluation, and comparable sales information. This process applies to both traditional and non-traditional property valuations.
Our mortgage appraisal support services include the following:
To ensure timeliness of appraisal reports, we waste no time ordering appraisals immediately upon request. We have a dedicated team of staff to ensure adequate follow up on each stage of the appraisal process, including scheduling, inspection and ultimately, reporting.
- Ensure timely order and receipt of appraisal reports
- Efficient scheduling, inspection, and reporting
- Dedicated team to monitor each stage of appraisal through completion
Upon receival of the appraisal report, we give it a final review to ensure consistency, compliance and factual information. It is our goal to flag any issues and bring them to the lender’s attention immediately, to ensure that lenders receive appropriate analysis of all pertinent property valuation factors.
- Review final report thoroughly
- Flag any problematic findings or compliance issues
- Provide lenders with a point by pointanalysis of property factors
- Submit report of findings to lender’s appraisal underwriters
- Validate appraisal value
- Ensure appraisal meets USPAP guidelines
Broker Price Opinions
We also assist when lenders request a professional property valuation by securing reliable broker price opinions (BPO).
Our BPO services include:
- Property condition inspection
- Fair market value estimates, with inclusion of repairs needed
- Pictures of the property and surrounding area
- Estimated value based on number of days on market
- Pulling of current comparable listings
- Location and satellite maps
Working with Settlement Companies
We will provide the following services to work alongside settlement companies:
- Collect fee sheets from settlement companies
- Obtain the escrow agreement
- Evaluate taxes and fees
- Send lender instructions to the settlement agent
- Determine distribution of closing funds
Our BPO services willassist lenders or mortgage appraisal companies in the following areas:
- Value estimation before property ownership changes
- Loan collateral valuation
- Assessing property liquidation value
- Buying out a partner’s interest in a property
Comparative Market Analysis
We provide comparative market analysis in order to give you an accurate listing price for your property. Some of the CMA services we provide include:
- Property descriptions and inspections
- Pictures of the exterior and interior of the property, including rooms and repairs needed
- List of repairs with estimated costs
- Estimated value based on different times on market, "as is" and "as repaired"
- Homeowner Association details
- Comparable listings
- Recently sold properties
- Location and satellite maps
Comparative market analysis is based on comparisons to homes that have recently been sold in surrounding neighborhood areas that are similar in size, age, condition and style. If there are no close comparisons, we search for local homes that are the closest match in most categories. This information is key in determining the fair market price of the home.
In addition to the services above, we also assist appraisal companies in the registration and management of appraisers.