Patent attributes
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.
