Chat GPT For Fannie Form Appraisal Reports
By Dustin Harris
Excerpts: The world of real estate appraisal is constantly evolving (much to our dismay sometimes), and as professionals in this field, it is crucial to stay ahead of the curve by embracing innovative tools and technologies. ChatGPT is an advanced AI language model developed by OpenAI that can be used to streamline the appraisal writing process.
Can ChatGPT, and other AI models, actually assist appraisers in writing summary appraisal reports? The answer is, Yes! Here are some examples of real-life prompts I have used with success.
“Rewrite the following description of a house and property using brevity and professional language”
“Summarize all of these property descriptions into one, easy-to-read format with a professional tone for a real estate appraisal report.”
“I am a real estate appraiser completing an appraisal. For my square footage adjustment, I used a combination of paired-sales and sensitivity analysis to determine $65 a square foot was appropriate, but I did not adjust for differences between the subject and comparables if the difference was less than 100 square feet. Write a description of where the adjustment came from that I can use in the report.”
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My comments: Thanks to Dustin for writing this! I have been reading about using Chat GPT for appraisal marketing and narrative reports, but this is the first I have read about form reports.
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