Feature Stories, Technology Corner
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Unique property identification for residential properties (Part 1)
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Most of us take for granted that our home has an address and that it is sufficient not only to ensure mail can be delivered, but that property taxes and liens are associated correctly, and our visitors can find us on a map or emergency personnel can find us. In many areas of the country, postal address is sufficient, however, there are areas where the location of a property is not easily resolved by a postal address alone.
But appraisers know full well the pitfalls of using postal address as the means of identifying a property. How many hours are wasted in dialog between AMC and appraiser disputing the address of a property on an appraisal order versus the true identity of the property in question, even when the appraiser is standing at the physical location of the subject? It continues to be a source of revision requests and client/appraiser communications as invariably, when there is a difference, such as in rural locations, the client and the end investor want the postal address even when that is not the true identification of the property. Simply, the systems in use for conveying appraisal transactions between AMCs, lenders and investor portals such as UCDP, are programmed to validate addresses using only the USPS references.
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