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For example, a drive-by appraisal of new housing stock is more likely to produce an accurate market price than it would for older, distressed housing stock.
In a drive-by appraisal, the appraiser never goes into the home.
Although neither a complicated nor accurate protocol, it is perhaps useful as a first approximation for some limited purposes-like a drive-by appraisal may be useful as a first approximation for some limited purposes.
About a year later, the appraiser was called back by the lender to do a drive-by appraisal of the same property in connection with a refinance loan.
The Exterior-Only Inspection Individual Condominium Unit Appraisal Report, used as a drive-by appraisal for condos; and
The shortcomings of providing a drive-by appraisal for this type of property are obvious.
The product features faster delivery, significantly lower pricing than a standard drive-by appraisal, and upgrade discounts on traditional appraisal services, according to SMI.
To support this effort, the RealValue turn around time averages 24-36 hours, at less than half the cost of a drive-by appraisal.
By incorporating two human professionals, providing up-to-date Web accessible AVM data, and offering appraisers the option to generate income through AVMs -- all at a lower price -- the 3111 is deliberately poised to replace 2055 drive-by appraisal.
In today's world and in an effort to balance cost, quality and competitive advantage, home-equity lenders need valuation products that meet risk guidelines but don't require the cost and time associated with traditional full or drive-by appraisals.
Currently in use by leading financial institutions, EagleCert provides insured valuations to first mortgage lenders through the use of a rules-driven process that leverages automated valuation models (AVMs), technician assisted AVMs, desktop appraisals and drive-by appraisals in the progressive collateral program.