Automation is great, for some things.
But, I believe getting rid of the appraisal is a bad move. Market value has so many factors. No computer can automate this because the source of the information will be provided by model averages which are derived from human input. These inputs will have a vested interest in the outcome. An appraiser is a third set of eyes with no vested interest. No skewing of the numbers is allowed. If the value of a home is automated, why would anyone invest in their home? The automation will flush away your time, money and energy as it will be valued the same as the dumpy house next door.
If we get rid of the appraisal, we should get rid of inspectors, because they slow it down and add to the cost too. Like the appraiser, the inspector is also a third set of eyes with no vested interest. Purely report the current conditions that are present from a professional perspective.
If we get rid of the appraisal and the inspector, then we should get rid of underwriting, because we all know how they slow it down too. Underwriting is another set of eyes on other dimensions of the contract with no vested interest. This assures documentation is complete and accurate.
Lastly, if we’ve eliminated the appraisal, the inspector and underwriting, then we should get rid of the title company as we know they want their piece too. The title company merges all the previous into one, nice, neat little package and correctly records the investment.
Automation is great for a car transmission, but does not belong in a real estate transaction with millions of dollars at stake.
Otherwise we’ll return to the old days. Just put up a fence wherever you want it, declare it as yours, load your gun and wait to shoot trespassers.
Appraisals work to protect the innocent and reward those that have worked hard on their investment.
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