Sorry, home appraisers, bots are coming for your jobs
NOTE: This post was published in December 2018. This topic has been going on for a very long time since AVMs started in the 1970s.
Federal regulators are looking to change appraisal rules to allow for more automated appraisals
Excerpt: Such a change could prove lucrative for upstart property valuation companies that use algorithms, artificial intelligence and drones to value homes. If these rule changes had been in effect last year, roughly 214,000 additional home sales, or some $68 billion worth, could have traded hands without an appraiser. Bots replacing appraisers?
Plan to Reduce Human Appraisals May Lead to ‘Wildly Inaccurate’ Estimates
Excerpt: Automated home evaluations likely would take the place of in-person appraisals for qualifying properties-a move appraisers warn could lead to inaccurate estimates and more sellers who are unrealistic about home value.
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