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Federal regulators may allow the majority of homes to be bought and sold in the US without being evaluated by a licensed human appraiser.
The proposal would increase the value of homes that can be bought and sold without a tape-measure-toting appraiser visiting a property from $250,000 to $400,000, according to The Wall Street Journal.
Suggestion - Month - Office - Comptroller - Currency
The suggestion was made earlier this month by the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corp. and the Federal Reserve.
Instead, house appraisals could be done by agents using computer algorithms instead of a licences human appraiser which could speed up the house buying process and make it cheaper.
Home - Sales - Worth - Appraisal - Change
About 214,000 additional home sales, or some $68 billion worth, could have been made without an appraisal if the proposed change was made last year.
More than two-thirds of US homes sell for $400,000 or less, according to US Census data and the National Association of Realtors.
Regulators - Effect - Value - Requirements - Appraisals
Regulators say the immediate effect of dropping the value requirements on appraisals would be limited because a vast majority of home loans in the price category are bought by mortgage giants or guaranteed by other federal agencies.
Those properties typically require appraisals regardless of home value, a document written by the Federal Reserve states.
Proposal - Fruition - Creation - Property - Valuation
It is thought that if the proposal came to fruition, it would lead to the creation of more property valuation companies, like HouseCanary Inc, which use artificial intelligence, algorithms and sometimes even drones to value homes.
Jeremy Sicklick, the company’s chief executive, said...
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