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When you hear automated appraisal, that refers to a computer doing the valuation without an appraiser. In addition to the automated appraisal, we’re starting to see moves toward a hybrid appraisalprocess called bifurcation , meaning that a computer and a person complete the valuation.
When you hear automated appraisal, that refers to a computer doing the valuation without an appraiser. In addition to the automated appraisal, we’re starting to see moves toward a hybrid appraisalprocess called bifurcation , meaning that a computer and a person complete the valuation.
These properties are typically owned by banks or government agencies, aiming to sell them quickly to recover losses. The unique circumstances surrounding REO properties require specialized handling during the appraisalprocess, considering factors like extensive repairs, market trends, and quick-sale pricing strategies.
As this property data collector thing moves along, there continues to be no legitimate reason for Fannie Mae’s motivation to push this so hard other than they want the valuationprocess fully automated and can pay $25 for an untrained inspector to view a home. Fannie Mae sees the appraisalprocess as “inspection + value.”
My talk focused on Property Inspections, which – to an outsider – might seem to be a straight-forward topic. However, given current changes in the valuation space, nothing is further from the truth: valuation, specifically the collection of data that supports a valuation method, has never been one-size-fits-all.
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