One might think that there is a law that requires the disclosure of the exact finished floor area in a house, no there’s not. Will, the sellers, and their agents get out the measuring tape? The State of Michigan has responded to this demand by passing some laws which require more real estate disclosures. The total floor area of a house is one of the most important things a seller and buyer needs to know. For years real estate agents, have been using a hodge-podge of methods to estimate residential floor area.
The top Multiple Listing Services (MLS) area that received high errors include either no buildings or room descriptions, or no dimensions. And the most important measurement of all, the above and below ground square footage was part of this list as well.
Some buyers think this is just another way that real estate salespeople are trying to trick them. Without knowing the floor area, the home buyer does not get accurate or consistent information to use in comparing houses. This means that the State Licensed and Certified Real Estate Appraisers can’t make the correct adjustments to the COMPS (comparable sales) and the lenders backing the loan have less accurate estimates of market value on which to base their investments.
We want you to know that our clients can rely on Trust Real Estate Appraisal Services PLC, for the correct footage Buildings and room dimensions. We use the ANSI Z765-2003 defacto standard for Single-Family Residential Buildings Square Footage Method for Calculating your homes Gross living Area and Total Square footage area.
[et_pb_section][et_pb_row][et_pb_column type=”4_4″][et_pb_text] Currently, the terms “Artificial Intelligence,” and “Algorithms” have been sold to the masses as being objective, scientific and unfortunately accurate. What has been sold to us, is and has been, merely a marketing trick to intimidate consumers with accepting algorithms as gospel. A lot can go wrong when collectively, we put blind faith in big data. If Fannie Mae and Freddie Mac now allow ‘Algorithms’ be the ‘Decider’ and not human appraisers for your next Home Loan – Then is it not logical that the laws be updated and enacted to properly reflect and acknowledge that the programmers and their Bosses who’ve signed off on them by holding them to the same level of accountability as both the Licensed and State Certified Real Estate Appraisers? Algorithms are everywhere. They sort and separate the winners from the losers. The winners get the job or a good credit card offer. The losers don’t even get an interview, or they pay more for insurance. We’re being scored with secret formulas that we don’t understand that often don’t have systems of appeal. That begs the question: What if the algorithms are wrong? To build an algorithm, you need two things: you need data, what happened in the past, and a definition of success, the goal that you’re looking for and often hoping to repeat. You train an algorithm by looking, figuring out. The algorithm figures out what’s associated with success. What situation leads to success? Algorithm’s; Artificial Intelligence are 21st-century machines. They require a human being to function. Therefore algorithm/A.I., cannot usurp the human mind. A machine can solve only “deterministic” problems. New data/information would be a surprise. A “deterministic algorithm” is an algorithm which, given a particular input, will always produce the same output, with the underlying machine always passing through the same sequence of states.” The second type: “nondeterministic algorithms” are often used to find an approximation to a solution, when the exact answer would be too costly to obtain using a deterministic one. A nondeterministic algorithm represents a single path stemming into many routes, some of which may arrive at the same output and some of which may arrive at different outputs.
However, both are just machines and require a human being to function.
Machines do not think
Computers lack creativity
Devices lack consciousness
Only human consciousness produces thinking.
Who are these human oracles from the Banks and their Coders programming these algorithms? What are their goals, their biases, responsibilities, and accountability? In an industry that has multiple regulatory requirements, how do they fly so low under the radar? [/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]
With the recent popularity of living trusts and all the sophisticated tax avoidance methods being used by affluent individuals, appraisals are being needed more and more for both tax planning purposes prior to a property owner’s death, and for settling an estate after death. At Trust Real Estate Appraisal Services PLC., we specialize in delivering high-quality appraisals that meet the requirements of the courts and involved agencies. Plus, our convenient electronic ordering and delivery system allows us to provide much quicker turnaround times than other appraisal services and helps eliminate costly miscommunications. We are also experienced in these matters and will be sure to act in a manner that is sensitive to the feelings of-all parties involved.
Among the instances when an Estate Appraisal may be needed are:
Sale to a relative
Partitioning an estate among the heirs or beneficiaries
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