AVM "V" My Appraisal

[glenn walker]

"55 miles north of the Pacific Ocean ?"

That would be like Santiago, Baja.

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.

OK what am I missing here - YOU say contract at $190,000 land value ? The AVM indicated a range of $195,000 to $230,000. Anytime a AVM is used on a loan PIW the property had to have been in Fannies data base from a previous appraisal that had been done. In this case the subject had never been updated and would have never pased with two kitchens anyway BUT for the sake of argument the buyer obviously looked at the property and there never would have been a waiver given, also lenders use the lowest number on the AVM not the highest, so at best it would have been a $195,000 PIW and with 10% down a $175,000 loan- No loss the guy picked up the house for $5K if the land was worth $190K.

 

[TRESinc]

calling me a liar is against forum rules. one more time?

you should work on your grammar. i never called you a liar, but being so defensive does give some insight...

 

[Tim The Enchanter]

I have used the range in a Realist autocomps search as an argument for my fee to be higher.
Something like, "an autocomp search in Realist shows a range of $1,650,000 to $5,200,000."
So, who tf knows? LOL.

 

[Evincere]

OK what am I missing here - YOU say contract at $190,000 land value ? The AVM indicated a range of $195,000 to $230,000. Anytime a AVM is used on a loan PIW the property had to have been in Fannies data base from a previous appraisal that had been done. In this case the subject had never been updated and would have never pased with two kitchens anyway BUT for the sake of argument the buyer obviously looked at the property and there never would have been a waiver given, also lenders use the lowest number on the AVM not the highest, so at best it would have been a $195,000 PIW and with 10% down a $175,000 loan- No loss the guy picked up the house for $5K if the land was worth $190K.

Assessors land value; $150,000 (actual land sales would be higher
Contract PP; $190,000 - Terms; Conventaional Financing.

SOLD; $170,000 - To a LLC Developer -

AVM for Property;

RealAVM™
(1): $368,400 Confidence Score (2): 56 RealAVM™ Range: $302,088 - $434,712 Forecast Standard Deviation
(3): 18 Value As Of: 11/13/2019 (1)RealAVM™ is a CoreLogic® derived value and should not be used in lieu of an appraisal.


(2)The Confidence Score is a measure of the extent to which sales data, property information, and comparable sales support the property valuation analysis process. The confidence score range is 60 - 100. Clear and consistent quality and quantity of data drive higher confidence scores while lower confidence scores indicate diversity in data, lower quality and quantity of data, and/or limited similarity of the subject property to comparable sales.

(3)The FSD denotes confidence in an AVM estimate and uses a consistent scale and meaning to generate a standardized confidence metric. The FSD is a statistic that measures the likely range or dispersion an AVM estimate will fall within, based on the consistency of the information available to the AVM at the time of estimation. The FSD can be used to create confidence that the true value has a statistical degree of certainty. Last Market Sale & Sales History Recording Date: 10/30/2019 Document Number: XXXXXX-000000 Sale Date: 10/28/2019 Deed Type: Warranty Deed Sale Price: $170,000