Electronic Appraiser Home Valuation...

[Warren Sumner]

Just received an order accompanied by one of these things. This "valuation" found an "indicated value" of $236,500 for the subject. The subject rests in a 140-155k cookie cutter development. The funny thing is that one of the comps from the development is represented here, but this "valuation" gives more creedence to a "comparable" with 1300 more square feet and on two acres of land than one that is basically the same house and floor plan located on the same street.

Its scary that they're actually making loans based upon these things. There is a disclaimer on this thing stating it is "not an appraisal" rather a "technology report, a product of automated valuation technology analysis." It also makes no warranties and states it is not responsible for any errors and omissions. I suppose it doesn't have to; as taxpayers you and I will ultimately be responsible for them. Sheeesh!!

 

[Mountain Man]

It also makes no warranties and states it is not responsible for any errors and omissions.

It is kinda hard to put a computer in jail for false or misrepresented data. Besides, their life span is only 6-12 months now days. Many would not even be around for their arraignment. :lol:

 

[Joe Birrell (NY)]

Bring it one, the more the better ! I hope it contributes to the quick collapse of the lending industry (and they won't be able to blame us this time around). These instant gradification techo-geeks should get what they
deserve.

 

[Ted Martin]

I think we are viewing these things in the wrong light.

After the loan goes belly up they will order the preforeclosure and REO appraisals. Both of which will pay better and be less stressful for the appraiser than the original loan appraisal.

 

[Farm Gal]

Thanks Mel! good one!

 

[Richard Carlsen]

Wonder if the computer can smell the hog farm upwind or hear the semi's jack-braking on the hill?

I tried putting my own house in one of these just to check it out against the appraisal that was done for refinancing recently. (Can't understand why they wouldn't let me do my own house!) Big computer said, "Sorry no data". Does that mean no loan?

 

[Steve Owen]

I'm rubbing my hands together in anticipation of all the new markets that are going to open up for appraisers because of these things.