Electronic House Appraisals

Just when you thought there was enough confusion and dissension regarding appraisals, lenders are using electronic desktop computerized appraisals for pre -approvals for mortgage refinancing; home equity loan approvals; loan modifications; and purchasing properties valued under $250,000.

The results of the computerized appraisals have been mixed – some higher, some lower than expected.  Obviously, when the appraisal isn’t where the borrower wanted it to be, there are protests.  But in all frankness, sometimes the appraisals done by human appraisers have fallen short and caused consternation.

This may cost around $20 where human appraisals cost anywhere from $300 up to $1,000.

Source:  WSJ, 12-30-2010, C1

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