Homeowners Providing Interior Home Data
Over the past few weeks, I have seen in forums many appraisers talking about having homeowners provide home interior details (photos, videos, etc.), which can be used in appraisal reports.
Well, guess what? American Ingenuity at work, which will be available soon.
From the HousingWire article titled “Clear Capital launches new remote inspection tool“:
“Real estate technology company Clear Capital has launched a new homeowner-enabled appraisal inspection tool, which adheres with encouraged social distancing protocols in light of the coronavirus.
OwnerInsight is a tool that offers homeowners the ability to transmit high-quality information and images of the interior and exterior of their homes to lenders, appraisers, and appraisal management companies through a secure interface.
OwnerInsight was built to work on camera-enabled mobile devices with no need for app downloads, with photo metadata captured to ensure protection against fraud.
The tool, which will be launched the week of March 30, has long term benefits for lenders, according to Chen.”
Read the article for more info.
This new ‘tool’ will work when the homeowner is the occupant of the home, and the loan is for a sale or refi. However, if the home is vacant at the time the appraiser gets the assignment, it won’t be useful unless the ‘powers that be’ allow listing photos (or additional photos) taken by agents/brokers.
Note that the new MODIFIED reports allowed during the COVID-19 pandemic effective period all encourage this kind of additional data. Once we get out of this current situation, will the ‘powers that be’ allow homeowners to use this new tool for our normal appraisals going forward? That remains to be seen.
Keep your seatbelts fastened! And don’t breathe out when people are close to you! Avoid breathing in also!