Federal regulators have proposed loosening real estate appraisal rules so that a majority of homes can be bought and sold without being evaluated by a licensed human appraiser according to the Wall Street Journal (Friday, November 30, 2018) Though highly controversial, replacing appraisers with artificial intelligence ,computer algorithms, and drones would speed up the closing time by weeks, reduce costs to buyers by hundreds of dollars and eliminate human bias and error from the process of valuing mortgage collateral. The proposal made by the Office of the Comptroller of the Currency , the FDIC, and the Federal Reserve would allow homes up to $400,000 to be bought and sold with out a tape-measure-toting appraiser visiting the property. While more than 2/3rds of U.S. homes sell for less than $400,000, Denver's average home costs $540,624 (Denver Business Journal, June 2018) so it's unlikely to be a routine scenario. Stay tuned.
Author:Steve Stein Phone: 720-353-9000 Dated: November 30th 2018 Views: 182 About Steve: As a Realtor® and real estate advisor, Steve is dedicated to representing the best interests of his...
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Engel & Völkers is one of the world’s leading service companies specialized in the brokerage of premium residential property, commercial real estate, yachts, and aircraft. Based in over 800 locations in total, Engel & Völkers offers both private and institutional clients a professionally tailored range of services. Consultancy, sales, and leasing form the core competencies of the staff of more than 11,000 people. The Company is currently operating in over 30 countries on five continents.
Since 1977, we have been the select provider of high-end premium real estate services throughout Europe, Asia, and North America. We use the latest technologies, manage an extensive network of exclusive listings and potential buyers, partner with influential media outlets, and employ the highest-caliber agents who strive to represent our distinguished brand.
Our style o f doing business originates from our early success as a luxury property agency. We maintain the same standards of quality and service in everything we do.
Engel & Völkers, Real Estate Advisors Representing And Promoting The World’s Finest Properties Since 1977
33 Countries | 11,000+ Real Estate Advisors | 800+ Shops | 5 Continents
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