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The exterior property Appraisal is a
critical step in approval process for the mortgage lending industry. In many
cases, a onsite property inspection is not necessary to arrive at an accurate
property value estimate, and a
desktop appraisal of the exterior
condition of the property will suffice. This addresses the concern of the
Mortgage lenders that the condition of the property is such that costly
expenditures on repairs or renovations may cause an unmanageable financial
burden on the borrower, increasing the probability of mortgage default. The
desktop assessment can also assist in
mitigating other risks such as mortgage fraud.
While "drive-bys" can be effective in reducing application
process time,
appraisers can often get backed up for weeks and become a bottleneck in the
mortgage lending process when
mortgage rates are low. Access to stock imagery can alleviate some of the bottleneck, but most local real estate
boards and other sources of stock imagery do not provided the
wide angle perspective,
visual detail, and
high resolution imagery to supplant the "drive-by" appraisal as the method of
choice.
The iLOOKABOUT StreetScape (TM) solution offers on demand access to
geo-spatial imagery with enough
detail, visual perspective, and
image resolution to reduce the need
for drive-by appraisals, providing images that convey the true and recent
condition of a property in ways that traditional stock imagery cannot.
For more information or to book a demo, please contact us at 1-866-963-2015 or
fill out this form.
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