RESOURCES

AVMs

Things you should know about Fort Lauderdale, Broward County and Davie AVMs

Lenders and brokers using Automated Valuation Models (AVMs) and home-owners using “free online home values” to determine the value of a property need to know what those results aren’t telling them. These work fine if the houses that are used are the SAME as your house. Same size, features, condition and location.

• Whether the house is really there. A computer can’t so much as drive by a house to see if it’s actually located where it’s supposed to be, has four walls and a roof, and really is a four bedroom split level and not a one bedroom shack.
• Whether unique features of a property might add to or detract from market value. So a computer returns an estimated value of $150,000. Did it account for the sewage treatment station next door? Are homes considered in the same gated community? Are the updates of the sales house like your house? The desirability of its tree-lined street versus the next street over?
• What makes the comparables comparable. A computer might compare your subject property to another property with similar square footage sold three months ago a quarter of a mile away. Even if that “comparable” property is in a different, less desirable school district, fronts a four-lane, 55 M.P.H. street, and is flood-prone. Or even if the property was sold under duress, such as in a divorce situation, or not at arm’s length, such as to a family member. A computer simply does not know all the adjustments that might need to be made to a “comparable” property’s sales price.
• What qualifications, designations, experience and education the preparer of the value has. When you work with an appraiser, you can be confident we’re highly qualified, ethical and prepared to complete your assignment professionally and with good judgement. Most of the time, you don’t know the qualifications of whoever is behind those free online values, and they couldn’t compare to an appraiser’s if you did. And if you’re relying on an automated valuation, you’re cheating yourself out of an appraiser’s education, experience and expertise.

OK you have been warned

Here are the links (Good Luck)

www.Blockshopper.com

Sun-senntiel AVM

www.Zillow.com

www.eppraisal.com

Just remember …….you get what you pay for.