Physical inspections are set to become a thing of the past for mortgage lenders as automated valuation models claims Hometrack.
The claim comesa afer Hometrack’s Realtime Valuation System has been given a seal of approval ratings company Standard and Poores issued guidelines on Automated Valuation Models (AVMs) which Hometrack claims demonstrates they are as accurate as a surveyor’s physical inspection as possible. Hometrack’s AVM utilises its database of over twelve million property records to undertake online valuations for lenders. It says the online valuation service significantly reduces costs for mortgage lenders as the AVM offers a much faster and less expensive valuation procedure. It says its platform i...
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