System and method for appraiser-assisted valuation
View Patent ↗A system and method that allows an appraiser, real estate broker or other professional, based on preliminary information about a requested appraisal, to use any of a plurality of automated valuation products to effectively calculate an appraisal value. In one embodiment, a lender places an order electronically with or through an appraisal management vendor or other entity, which transmits the order in the form of an assignment to an appraiser appropriately licensed and trained for that assignment. The appraiser will preferably, through e-mail, web site or other means, receive the order and will have the ability to access one or a variety of automated models, such as AVM models. Based on the appraiser's own knowledge and the automated results, the appraiser may arrive at a valuation that combines the relatively low cost and rapid turnaround time of an AVM with the expertise and accuracy of a skilled appraiser.
1. A method for appraiser-assisted valuation of a subject property for a requester, wherein the appraiser obtains inputs in electronic form on an electronic work station, said method comprising:
completing an electronic valuation request form including providing data upon which the valuation is to be based, in a requester electronic work station;
sending the electronic valuation form electronically to an electronic work station of professional appraisers in the general vicinity of the subject property from an electronic database identifying respective professional appraisers in the general vicinity of the subject property, the professional appraisers having been licensed and trained to appraise electronically real estate properties, wherein “general vicinity of the subject property” means within a defined area surrounding the subject property;
determining, by a computer system, that the first set of options that are available to be provided to the professional appraiser are: (1) accepting the valuation request form and becoming a selected appraiser, (2) modifying and accepting the valuation request form and becoming a selected appraiser, and (3) rejecting the valuation request form to effect the sending of the valuation request form to another professional appraiser for acceptance or rejection; wherein the first set of options are distinct and separate from each other;
providing, by the computer system, the professional appraiser with the first set of options of: (1) accepting the valuation request form and becoming a selected appraiser, (2) modifying and accepting the valuation request form and becoming a selected appraiser, and (3) rejecting the valuation request form to effect the sending of the valuation request form to another professional appraiser for acceptance or rejection; wherein the provided first set of options are distinct and separate from each other;
accepting the appraiser to conduct the appraiser-assisted valuation;
providing, by the computer system, to the selected professional appraiser an initial automated valuation from a computer generated model based on valuation from properties comparable to the subject property;
determining, by the computer system, that the second set of options that are available to be provided to the professional appraiser are: (1) accepting the result of the initial automated valuation, (2) rejecting the initial automated valuation and processing a different automated valuation to determine an acceptable automated valuation, (3) accepting the initial automated valuation and modifying the resulting valuation based on local conditions in the area of the subject property, (4) modifying the property information used to develop the initial automated valuation by adding or subtracting property information used for the initial automated valuation to generate its valuation, and (5) completing a Desktop Valuation based on local market data; wherein the second set of options are distinct and separate from each other;
providing, by the computer system, all of the following second set of options to the selected professional appraiser to determine the appraisal value:
accepting the result of the initial automated valuation;
rejecting the initial automated valuation and processing a different automated valuation to determine an acceptable automated valuation;
accepting the initial automated valuation and modifying the resulting valuation based on local conditions in the area of the subject property;
modifying the property information used to develop the initial automated valuation by adding or subtracting property information used for the initial automated valuation to generate its valuation; and
completing a Desktop Valuation based on local market data;
wherein the provided second set of options are distinct and separate from each other;
accepting a selected one of the provided second set of options;
determining the final valuation based on the selected one of the provided second set of options;
completing the appraiser form and submitting the form electronically to the appraisal website; and
transmitting the appraiser assisted automatic valuation electronically to the requester electronic work station.
2. The method of claim 1 , wherein the step of determining the valuation based on the automated valuation is provided at a location remote to the professional appraiser.