Hacker Connect January 16 in New York
An event for and by the real estate tech community

Recently, one of my listings did not appraise. Actually, it never even got an appraisal because the lender decided that it wasn't worth the expense after viewing the results of a computer-generated report. It was a questionable business practice on the lender's part and one that I hope I never see again. The computer-generated valuation used properties that are two miles from the subject property, and most were foreclosures. The data came from a neighborhood where property values are significantly lower. The report generated an estimated value that is 146.8 percent less than what the buyers offered. As a result, the lender is not ordering a full appraisal because it has decided that the value of the home is so much lower than what the buyers offered that an appraisal isn't wor...