AVM's

[James Hamilton]

I have been told by one of my lenders that they must run an AVM on every
loan that comes in. But in addition to this, the processer stated that she will
be sending a copy of the AVM to me, to comment on and review. Has anyone heard of this before. Thanks in advance.

 

[Mike Kennedy]

Another Bullseye in case others provided don't work. Precursor to the "wave of the future" ..... AVM "assisted" Appraisals. The future is now:


EXAMPLES FROM GENERICA ON-LINE SEARCH:

AVM Assisted Appraisals, Appraiser Valuations

Mortgage lenders and secondary market investors depend on Veros' advanced ... The appraiser is provided with a completed AVM Valuation Report and three options: ...
www.veros.com/vvprofessional.html - 123k - Cached
AVMAA's


... Services' eValu, our AVM Assisted Appraisals (AVMAAs), effectively closes the ... This highly accurate AVM Assisted Appraisal provides national coverage and the ...
www1.valuationservicesweb.com/avmaas.htm - Cached
First American - Vector Assisted Appraisal


Vector Assisted Appraisals from First American bridge the gap between ... Our Vector Assisted Appraisal matches the objectivity and speed of an AVM with the ...
www.firstam.com/product.cfm?id=7068&menu=484 - Cached


http://www.tavma.org/index.php?option=com_content&task=view&id=5&Itemid=10

 

[tjcou812]

Its just another way to say if you can't come in at the avm value don't do the appraisal

 

[Jennette Picinich]

Have you already completed the assignment, or is this AVM analysis to be completed prior to the assignment being completed?
I have been asked to analyze AVMs after I have completed an assignment and my typical response is; Not within my scope of work.
If they want you at analyze the AVM prior, put it in your scope and charge accordingly.

 

[Walter Kirk]

Each time an appraiser arrives at an estimate of value, be it a full appraisal assignment, review assignment, or a comment on data, the appraiser has completed an appraisal which MUST conform to USPAP.

Lenders, BPO and AVM providers are looking for faster and cheaper ways to arrive at market values. They don't understand (or don't want to understand) that appraisers have the same responsibilities and liability no matter what procedure or form is used.

If you want to comment on AVM's you may, just be sure that you follow USPAP, and I hope that you are paid properly for the required work.

 

[timd354]

I will never, ever, ever comment about an AVM under any circumstances. Since I do not know what information was entered into the AVM model, how the AVM program works, etc., I am not qualified to comment at all on how or why and AVM arrived at an estimate of value or why the AVM generated value differs from my value. My appraisal report is the justification and support for my opinion of value...the lender can read my report and either accept my opinion of value or not accept it. If the AVM differs in value from my appraisal report, let the producer of the AVM comment on the reasons for any differences.

 

[Bama Bayou]

I will never, ever, ever comment about an AVM under any circumstances. Since I do not know what information was entered into the AVM model, how the AVM program works, etc., I am not qualified to comment at all on how or why and AVM arrived at an estimate of value or why the AVM generated value differs from my value. My appraisal report is the justification and support for my opinion of value...thge lender can read my report and either accept my opinion of value or not accept it. If the AVM differs in value from my appraisal report, let the producer of the AVM comment on the reasons for any differences.

That is exactly my response. There is nothing to "comment" about. The only comment I have made is "the AVM has a different value conclusion, perhaps you should have the AVM physically inspect the property like I did".

 

[Pamela Crowley (Florida)]

I will never, ever, ever comment about an AVM under any circumstances. Since I do not know what information was entered into the AVM model, how the AVM program works, etc., I am not qualified to comment at all on how or why and AVM arrived at an estimate of value or why the AVM generated value differs from my value. My appraisal report is the justification and support for my opinion of value...thge lender can read my report and either accept my opinion of value or not accept it. If the AVM differs in value from my appraisal report, let the producer of the AVM comment on the reasons for any differences.

YES!

and Ditto to Bama Bayou's post, too!

 

[James Hamilton]

Thanks everyone for getting back to me. I think I'm all set now.