As stated in each article in this series, the sales comparison approach is only as good as the comparables used to arrive at the value for the subject property. One of the key aspects of determining the best comps is the use of Highest and Best Use (HBU) principles. In […]
The core foundation of the sales comparison approach to real estate appraisals is the quality of the comparables used and adjustments made to those comparables to arrive at a value for the subject property. In previous articles in this series we discussed two major topics – understanding the characteristic similarity […]
There are many steps in the process of reviewing appraisals and our focus in this series of articles is the comparable analysis step to validate the sales comparison approach. This is the second article which is going to delve into the validation of comparable adjustments. Please check out the earlier […]
The standards of real estate appraisal in the US includes 3 major methods for appraising the value of a real estate property – sales comparison approach, cost approach, and the income approach. Of the three the sales comparison approach is most commonly used for appraisals and is also included in […]
INTRODUCTION One of the top nationwide Appraisal Management Companies (AMC) that processes over 30K valuations per month wanted to get ready for desktop appraisals with dependable coverage and consistent data. PropMix was able to deliver nearly 96% geographical coverage with one standardized dataset of listings and sale records including many […]
Over the recent years the GSEs have been adapting their policies to embrace appraisal modernization driven by data and digitization. The objective is to introduce efficiencies into the appraisal process – decrease turn times, deal with reducing appraiser capacity, and handle increasing mortgage activity without compromising on the risk in […]
PropMix has been developing various insights for valuation to empower the appraiser to produce accurate and transparent appraisals. Our latest addition is the determination of property orientation and corner/cul-de-sac locations and its influence on property values. The model also considers how such factors may contribute to property values in different […]
Challenges in extracting data from a PDF Appraisal Form We define Appraisal Digitization as the process of extracting structured real estate valuation data from various appraisal forms produced by appraisers and submitted to their clients. While these days most appraisals are in fact produced using forms software that generate a […]
Appraisal documents contain valuable information for analytics and decision-making at various steps of the mortgage process. Extracting and standardizing the data embedded in these documents is the first step but requires automation to avoid manual data entry. PropMix’s digitization solution uses image processing, OCR, and deep learning to process many common appraisal forms to […]