Power Tools for Appraisers

The Arizona Republic newspaper reported on Sunday that Zillow.com, under attack from the Arizona Board of Appraisers for its "zestimates" has found allies among some local realtors who question why the Board is wasting time trying to prevent a new technology instead of investigating appraisal fraud in the recent real estate boom. Agents also fear that a bill wending its way through the state senate aimed at shutting down Zillow in Arizona would in fact go too far, outlawing anyone other than a licensed appraiser from giving an opinion of value. Meanwhile other online appraisal tools, such as realestateabc.com, have not been threatened by the state.

Posted on April 23 at 10:40 AM | Permanent Link

The Arizona Board of Appraisers has issued two cease and desist letters to Zillow.com. The Board contends that Zillow's online property valuation tool, zestimates, qualifies as an appraisal, a task that requires a license in Arizona. How this plays out should be interesting.

Posted on April 17 at 10:15 AM | Permanent Link

Realty Times has an article on Eppraisal.com, a new online residential appraisal service. While somewhat competing with Zillow by offering the "give us your address for a free appraisal estimate", Eppraisal differs in that it will go a step further for an actual drive by appraisal by a professional. Usually used for refinancing or to remove PMI, Eppraisal will sent an appraiser to drive by your home, pull neighborhood comps, and create an electronic appraisal viewable online or delivered in hard copy. For more serious appraisal work, the site soon will start offering the ability for consumers to get a full appraisal with all the bells and whistles through its network of professionals.

Posted on April 11 at 10:21 AM | Permanent Link