- Sep 23, 2004
- Professional Status
- Certified Residential Appraiser
Some of my banker clients showed me some AVMs that they were proud of and using them in lieu of appraisals when they could. I had to point out a substantial number of those sales in the reports weren't sales at all, they were refinances and they were using the loan amount as a point value then adding estimated appreciation from that date to come up with a current value for that "comparable". A comparable that never sold. Maybe that's what went wrong with "Zillow".I have had them provide me with deeds wanting me to change the prior sales price and had to point out the number they are reading is the loan amount and not a sales price. Of course, this is usually two months later.