Residential RealEstate Review (RRR), a national valuation service provider for servicing companies, mortgagers and due-diligence groups, has released PRE-view, a blended broker price opinion (BPO) product that assists servicing companies in giving the potential liquidation value of a property before it goes into foreclosure.
PRE-view combines an exterior BPO with a macro-analysis of the subject market, including listings and sales, as well as borrower- and loan-based information, to arrive at the estimated interior value of the subject property should it go to real estate owned (REO) status.
‘Our clients are interested in knowing the REO value prior to a property going into foreclosure, so short sell and loan modification opportunities can be considered,’ states John Pataky, president of RRR.
RRR says it has gathered millions of data points that are combined with a statistical analysis of both the property and local market, taking into consideration the information and value provided by the exterior BPO to arrive at this potential liquidation value. The information management group within RRR uses all of the information provided for a specific property and runs the PRE-view model.
Source: Residential RealEstate Review