Premier Appraisals Inc. in Atlanta has introduced an automated system that reduces the time it takes to complete an appraisal from days to hours.
The system, called Express Appraisal System. or Easy, can search every major data base in metropolitan Atlanta. It retrieves comparable property information. analyzes data. and automatically computes the appraiser's adjustments,
The calculations and the research information are then exported in the appropriate appraisal forms for fax delivery to the client. The entire process takes an hour.
"The average Easy property valuation has been within plus or minus 2% of the manual appraisal." said Michael Wallace, who along with his wife. Faye A. Wallace, developed the system, "Despite the fact that the Easy valuations were performed without the appraiser seeing the house."
Mr. Wallace said that he periodically tests the product by comparing appraisals done by EaSy with ones done manually.
Although Easy is aimed at banks, mortgage companies, and appraiSal groups, Mr. Wallace said Premier Appraisals is also marketing the service directly to consumers,
"There are any number of reasons individuals need appraisals, but in the past the cost has been prohibitive," said Mr. Wallace. "They might seek an appraisal when selling or refinancing their home. Why rely on the opinion of realtors?"
Although the Easy system is operating only in Atlanta, it can be configured to perform the same information-retrieval functions in other metropolitan areas, Mr. Wallace estimated that the system could be fully installed in a new city in under 30 days.
Ms, Sullivan is a freelance writer based in New York,