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An untold number of US homes are appraised by people just looking at Google Earth and Zillow

An untold number of US homes are appraised by people just looking at Google Earth and Zillow

Thousands of U.S. homes are underwritten using “drive-by” appraisals — which are sometimes generated by overseas contractors looking at Google Earth and listings websites. The assessments – known as broker price options or BPOs – are put together in a more hasty fashion than traditional appraisals. They also cost much less. BPOs have been used to value collateral in more than $20 billion worth of bonds sold by institutional landlords and to individual house-flippers, the Wall […]


Source: realdeal

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