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When you hear automated appraisal, that refers to a computer doing the valuation without an appraiser. Here’s a quick list of what you should look for in an AMC: They’re licensed in the state where the mortgaged property is located. They’re insured. How many years of experience must the appraisers/propertyinspectors have?
When you hear automated appraisal, that refers to a computer doing the valuation without an appraiser. Here’s a quick list of what you should look for in an AMC: They’re licensed in the state where the mortgaged property is located. They’re insured. How many years of experience must the appraisers/propertyinspectors have?
While this scenario is commonly performed for insurance valuations (think: burned-down property), it is likely that most parties agree this data set would not be adequate for a first-mortgage lending assignment, in terms of establishing as-is condition and limiting risk to safe and sound lending.
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