A desktop appraisal is a property valuation completed at the appraiser’s desk without a physical inspection of the subject property but instead only using property data from assessor tax records and listings & sales data on the multiple listing service (MLS). A full appraisal on the other hand requires the […]
Appraisal Complexity Reports in Profet.ai provide a quick indication of the potential complexity of performing an appraisal and deriving a value for a property. The report provides a simple complexity score in the range 1 – 100 with scores below 50 indicate low complexity and scores exceeding 50 indicate a […]
You can include an Evaluation Certification section at the end of the appraisal report to include experience statements and other certification information and sign the report with your signature. This section is helpful for delivery of custom reports for BPOs or other non-GSE purposes. The Evaluation Certification section is an […]
Often within an AMC it is common for an appraisal assignment to be reassigned to a different person within the company for various reasons. A user in the role of a “Manager” within an AMC can assign the appraisal to someone else. Here are the steps: Step 1: Go to […]
Appraisal forms such as UAD 1004 require flood information to be filled in along with flood maps for the area of the subject property. In Profet.ai, appraisal reports can automatically include flood information using our source of FEMA flood data and map information. Currently Flood Maps are supported within all […]
Understanding the appraisal complexity upfront before starting the appraisal process is valuable to lenders, AMCs, and appraisers. Please see here for a detailed explanation of the purpose and how we generate the complexity reports. The following 5 steps explain how to generate the Complexity Report for a property. Login to […]
When is a comp, NOT a comp? There are several instances where this may be the case, the most obvious being Non-Arm’s Length Transactions. But new construction and of course the neighborhood outliers – you know that neighbor who has been doing construction and adding on to their home for […]
The property attributes in an Appraisal report can be added/edited using the following two methods, you can follow any one among the two: Make Quick Edits from Workspace Provide Custom Values for the Attributes on the Listing Sheet Make Quick Edits from the Workspace The attributes like the total bedroom […]
Profet.ai allows appraisers to “work” with an order for up to 30 days without incurring additional charges or using credits if connecting through one of our forms software partners. You can modify orders that you are working on as frequently as required to improve your appraisal analytics. To do this […]
Profet.ai presently generates a comparable similarity score based on 4 basic characteristics – Bedrooms, Bathrooms, Living Area and Lot Size – used to compare the subject property with a bunch of comparable properties. MLS data is used for these 4 characteristics for both subject and comparable properties. if any of […]