Moore Appraisals of Orange County, California Announces New Agreement with ZAIO Corporation!
Moore Appraisals, located in Aliso Viejo, Ca. (Orange County) is proud to announce their recent contract agreement with Zaio Corporation. Contract terms call for Moore Appraisals to appraise every residential property located in two Orange County zip codes (92808 & 92840), comprised of approximately 29,130 homes. Cities included in these areas are Garden Grove, Anaheim Hills and Yorba Linda.
Appraisal activities are expected to begin in the near future and should be complete before the end of the fourth quarter 2007.
With this agreement, Moore Appraisals will become “the expert” in residential valuations for the zip codes and cities provided above; however, the Zaio agreement also includes provisions for sharing data from other zone appraisers in Orange, Los Angeles, Riverside and San Bernardino Counties, therefore lenders, clients and other users of our valuation services can expect continued service throughout the Southern California area, with the added benefit that Zaio appraiser data can provide.
Clients of Moore Appraisals will also be able to access Zaio data on-line in the near future using a special user name and password we provide simply by calling our office at (949)-360-9449.
Additional Zaio benefits and FAQ follow:
About Zaio (Zaio.com)
Zaio is the only known company in the world that develops and maintains a site-verified database of photos, valuations and property information of virtually every property in entire cities, using a proprietary "GeoScore" property rating system. Zaio and its network of premiere, local appraiser experts photograph and appraise entire cities, one building at a time from the street.
Zaio is a public corporation that trades under the symbol "ZAO" on the TSX-V Exchange in Canada. Additional information is available for US investors under the symbol "ZAOFF".
Can you tell me about Zaio and what it is doing?
Does Zaio produce an Automated Valuation Model (AVM) like product?
No. Each valuation product is produced by a licensed appraiser in conformity with USPAP. The primary difference between a ZAIO valuation product and a traditionally produced appraisal report is that the Zaio appraiser has inspected the property and prepared the report IN ADVANCE of the transaction.
Lenders and other customers have always wanted appraisals to be delivered more quickly, and by preparing the appraisals in advance and compiling them into a large database, Zaio is able to deliver valuation products instantly in just a few seconds.
By appraising the property PRIOR to the transaction, complete objectivity is attained since the appraiser is not trying to hit any particular value estimate. Rather, Zaio affiliated appraisers are required to inspect and evaluate every home in a concentrated area, thus becoming the only appraiser to have appraised every home. This assures all clients that the appraisal report is highly accurate, objective, and prepared by the most informed local appraiser possible.
Is this methodology USPAP compliant?
Yes, Zaio’s process and products conform to USPAP Standards.
What do lenders think of this approach?
Lenders know their borrowers may be shopping for lower interest rates or faster mortgage approval while they wait days or weeks for a conventional appraisal report. Naturally, a service that allows lenders to close a mortgage commitment sooner is attractive to them.
Speed is the main impetus for the advent of AVM models; however an AVM does not generally contain enough quality information for an underwriter to effectively analyze the property they are accepting for security. Zaio’s proprietary technology and processes allow individual licensed appraisers to efficiently mass produce large volumes of appraisals for every home in an entire city. The process ensures the appraiser has more data and better quality data than any other local appraiser. In addition, the “Pre-Appraisal” or appraisal prior to the transaction ensures objectivity of the final value estimate because the appraiser is not working to support any existing selling price or pre-conceived value requirement.Most lenders have two sides to their operation, representing sales and risk. The risk side is looking for quality, accuracy and objectivity, while the sales side is interested in increasing market share by closing loans quickly. The Zaio process is designed to satisfy the needs of both by offering the objectivity and quality of professional local analysis with the speed of instantaneous mortgage approval.
Is this type of appraisal available anywhere yet?
Yes, it is available in our test market of Spokane, Washington and Mesa, Arizona.
Valuation products for Orange County, California are expected to be available in the near future.
What information does Zaio collect when photographing entire cities?
Zaio collects the street-level, front exterior view of each property that is visible from a public space, as well as its civic address.Zaio never collects any information that is personally identifiable – all photographs are taken from public vantage points and are thus in the public domain. No information about individuals or building contents is ever recorded.When we start an area, we advise local municipalities and police as to the nature and timing of our on-street activities.
What if a particular property is just too unique to be properly appraised by this mass appraisal process?
Appraisers make the final determination, property by property, as to whether their values will be available to clients through the Zaio system. Those properties that are deemed to be unique are handled on a case-by-case basis, and can be appraised by the responsible zone appraiser.