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AVM "V" My Appraisal

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I hate it when the time changes.
 
I check one of the AVM's (RPR model) against my probable estimated sales price before meeting with the seller. Just had a recent closing where the AVM was $321,380. My estimate (CMA) was $339,500. House sold for cash first day on the market for $345k (multiple offers). This house was also in a neighborhood of same builder homes with similar floorplans. Only condition and view/location within the community account for differences. Some of the AVM's can be "accurate" but I find that most aren't anywhere close if there aren't recent sales or if there is a wide variety of property types with different features and condition within the neighborhood. RPR at least shows the comps it is using to generate it's value. which helps.
 
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^Have to agree with you Terrel. There seems to be a sweet spot right at the moment for SFR's under $350k. Natually it depends on the neighborhood.
 
Terrel L. Shields said:
Multiple offers means overheated market. Tick...tick...tick....

Excessive profits breeds ruinous competition... J P Morgan
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This is what ticked off the IndyMac loan rep who tried to get me to change my opinion of 25% EI in a cost approach. Around 2006.
 
Just inspected one where the AVM indicated a confidence score of 87% and indicated value of $195,000-$230,00.

upscale neighborhood 3/2 - GLA 1650. Contract was for $190,000 which is the value of the land. Conventional loan - built in 1950, not one update, prior interior ceiling damage never repaired- literally gaping ceiling holes, water stains and and a smell that a pallet load of damp rid Would never remedy. Kitchen cabinets held on with duck tape, SF with an additional, second illegal kitchen. Just terrible condition whereby almost all components exceeded remaining economic life.

Had an Appraiser not been sent and a PIW granted on this property- someone would have taken a scalping.
 
Evincere said:
Had an Appraiser not been sent and a PIW granted on this property- someone would have taken a scalping.
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isn't that what they are all about. scalping the consumer???
 
TRESinc said:
now do one like the OP posted and tell us the results.
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We all know an-AVM is no good for rural, complex properties there is and was never any debate about that. The AVM is only good where you have similar tract type developments. So appraisers will always be needed for rural and complex but in highly dense urban areas the AVM and PIW'S will be used more and more in the future.
 
glenn walker said:
We all know an-AVM is no good for rural, complex properties there is and was never any debate about that. The AVM is only good where you have similar tract type developments. So appraisers will always be needed for rural and complex but in highly dense urban areas the AVM and PIW'S will be used more and more in the future.
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no argument there but that isn't the point i made. i was just pointing out the typical blatant lie posted without anything to support it like always. it's easy to make something up to support what you want it to :)
 
calling me a liar is against forum rules. one more time?

really what do i get out of lying about an avm. it is stupid theory.
 
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