An automated system from Atlantabased Premier Appraisals Inc. can reduce the time it takes to complete an appraisal from days to hours, says a Premier spokesman.
The product, called Express Appraisal System, or Easy, can search every major real estate data base in metro Atlanta, retrieve comparable property information, analyze the data, and automatically compute the appraiser' s adjustments. An appraiser then reviews and edits the calculations, which are faxed to the client. The entire process can be completed in an hour, according to the company.
Testing done by Premier shows that the average property valuation conducted with the system has been within plus or minus 2% of the valuation of the manual appraisals, despite the fact that the automatic valuations were performed without the appraiser seeing the house.
Premier is currently negotiating with other firms to extend the use of Easy to cities throughout the count.