Instant House Appraisal.com, a company that provides online home valuations for consumers, on Tuesday reported it received a letter from the Arizona Board of Appraisal ordering the company to stop performing appraisals on Arizona properties until it can retain a licensed appraiser in the state.
The company responded by replacing the InstantHouseAppraisal.com Web site with a new name and URL, InstantHomeValuations.com.
“We regret using the word ‘appraisal’ in our name and causing the Arizona Board of Appraisal to be concerned that Instant House Appraisal.com is providing unlicensed appraisal services,” said Stephen Schramke, founder of Instant House Appraisal.com. “We were confident that our Web site provided a clear and adequate explanation of the distinctions between automated valuation model reports and professional licensed real estate appraisal services.”
Instant Home Valuations.com provides consumers with access to the same automated valuation technology and reports used by banks and mortgage companies to approve mortgages and home loans. Consumers and real estate professionals alike use the company’s self-service online home valuations.
Since the site’s launch in March of this year, Instant Home Valuations.com has provided more 40,000 reports to consumers and has 1,900 real estate agents and mortgage brokers registered as report sponsors, according to the company. The service is available in 42 states and more than 600 counties nationwide.
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