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Technology continues to change the landscape of modern business, and the world of real estate appraisal is no different. You’ve probably had experience with websites and apps that let you find homes for sale in a given neighborhood and then give an estimate on the home’s market value. That value is driven by an automated valuation model, or AVM.
At the Real Property Valuation Forum during the 2016 REALTORS® Legislative Meetings & Trade Expo Tuesday afternoon, real estate professionals, appraisers, and underwriters all aired grievances about the difficulty and confusing language of the FHA loan process, in particular the new FHA single family handbook and its effect on appraisals.