Field Expert™

Product Overview

Field Expert™ is a real estate field valuation product that combines the expertise of a local real estate professional with the speed and accuracy of an appraiser-developed, rules-based valuation model. It offers an opinion of value derived from analyses of local market data and subject property information, as filtered through the Valuation Solutions Field Expert rules-based valuation model. Field Expert is used when there are concerns as to the accuracy and consistency of an existing appraisal valuation or when there is limited time/resources for a traditional drive-by or field review.

A local real estate broker or appraiser/broker provides the subject property information and comparable market data for the area. Information on the subject property is obtained via MLS, county records, personal files, or it may be provided to Valuation Solutions by the client. In some cases, information on the subject property may be limited or unavailable. In these instances, the information is provided by the real estate professional's exterior physical inspection of the subject.

In order to combine speed and accuracy within our quality control process, the data provided by the real estate professional is processed through Valuation Solutions exclusive Field Expert valuation model. The automated process takes the three most comparable listings and sales from the subject's market, along with pertinent data for each, then ranks each comparable sale based on overall similarity to the subject using industry accepted methods. After the most comparable value indicators are identified, the final Field Expert valuation model is generated. The valuation model's final value estimate is then compared to the real estate professional's original price opinion. When the Field Expert valuation model and the real estate professional's price opinion are in general agreement, the report is transmitted directly to the client. If any significant discrepancies are noted, the report is further scrutinized by one of Valuation Solutions' QC reviewers in order to reconcile the discrepancies. Ultimately, the client receives the most accurate and consistent valuation for the subject property based on input from the real estate professional and the Valuation Solutions Field Expert valuation model.

The report includes a photo of the subject property, a drive-by inspection of the subject, a one-page report that includes comparable sales and listings, a property description, and final valuation estimate. In most cases, the report will include an addendum featuring a map of the area, complete with locations of the subject and comparables, providing at-a-glance reference on proximity.

For more information, please contact Valuation Solutions.

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