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AVM as Evaluation

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This topic contains 1 reply, has 1 voice, and was last updated by  rcooper 2 months ago.

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    rcooper
    Keymaster

    A question we received from a member:

    Does anyone use Automated Valuation Model (AVM) & Real Condition Reports as evaluations? We’ve been told that Regulators aren’t fans of this but would like to hear if anyone else has other experiences.

    #15947

    rcooper
    Keymaster

    Answer from Eric Collinsworth:

    AVM’s themselves (along with the condition reports and photos) would not generally conform or qualify as an evaluation. The results of an AVM are based on a mathematical calculation and do not include human input or logic to conclude an estimated market value. While they can be used as part of an evaluation (as a source for the sales used, for example), they should not be relied up as an evaluation in whole without further support included.

    Eric will discuss this and other mistakes you could encounter during while reviewing appraisals and evalutaions in his upcoming program, Identifying Common Mistakes During the Appraisal Compliance Review. For more information on Eric’s webinar click here: https://www.jackscomplianceresource.com/event-registration/?ee=261.

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