Quest Associates will be previewing its new Computer Assisted Reappraisal solution at this year's Mortgage Business Expo.
The CAR system speeds up reappraisals four-fold by providing the original surveyor with the essential data required to complete a mortgage valuation, without the need for a property inspection.
It has been specifically designed so the original surveyor performs the reappraisals in the office, on the same day the request has been received. It allows surveyors quick access to existing valuation data, in addition to property comparables and an Automatic Valuation Model, which provides valuations at the touch of a button.
The system is designed to be used in place of a physical property inspection, such as a mortgage valuation, when lending in lower risk circumstances.
However, the company adds that the system does not replace all physical inspections, as the company adds that without this neither the CAR nor the AVM could exist. All valuations produced by Quest's CAR are also backed by the surveyor's professional indemnity insurance.
Tom Parker, director of Quest Associates, says: “Never before have surveyors been able to turn around a property valuation request in 15 minutes. By using the Quest CAR system, it allows access to existing valuation data in a quick, cost-effective manner.
“By using the surveyor's local knowledge, the existing inspection report and the AVM, theCAR produces a more informed valuation than relying solely on a standard database valuation, which will greatly appeal to mortgage lenders.”