Industry News

Online real estate valuation service changes name

Regrets using 'appraisal' in company Web address

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Instant House, a company that provides online home valuations for consumers, on Tuesday reported it received a letter from the Arizona Board of Appraisal ordering the company to stop performing appraisals on Arizona properties until it can retain a licensed appraiser in the state. The company responded by replacing the Web site with a new name and URL, "We regret using the word 'appraisal' in our name and causing the Arizona Board of Appraisal to be concerned that Instant House is providing unlicensed appraisal services," said Stephen Schramke, founder of Instant House "We were confident that our Web site provided a clear and adequate explanation of the distinctions between automated valuation model reports and professional licensed real estate appraisal services." Instant Home provides consumers with access to the same automated valuation technology and reports used by ...