Jack Daniel's Independence Project Contest

Introduction: Jack Daniel's Independence Project Contest

Jerica Hutchison,born 10/21/89 (22yrs).  AVMs R US.

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Jack Daniel's Independence Project Contest

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    2 Discussions

    0
    avmsrus
    avmsrus

    7 years ago on Introduction

    Yes very much so. Many investors use AVMs to price out value since the cost points are lower. What makes our product different from self-assessment is that the property address is used to come up with the value. We take the MLS data, tax records, and mortgage recording data to compile a value.
    The borrower does not input the information. Only the address.
    Currently AVMs are only available to investors like BOA, Fannie Mae, and Wells Fargo. Our product will be available the public as well and in Spanish.
    AVMs may be used as a tool for value and a lot cheaper than a BPO or Appraisals. It may be only the starting point of the process to purchase, refinance or look to reduce the cost of mortgage insurance. Many finance companies require mortgage insurance if the loan to value is over 80%. The borrower can lower their mortgage cost by moving that extra cost.
    Please keep in mind the MLS and tax data contains the size and dimensions of the home. We pull the same type of compatibles.
    Unlike BPOs and/or Appraisals we are not limiting our value to 4 or 8 comparable values or inputting our opinion; we are using the values from land records and MLS data to pull facts and assessing value based on that data and not personal opinion.
    Our block box approach may sound cold and lacking the human touch; but we are looking to help our clients obtain the most accurate information for far less than $300 to $400 dollars.
    We provide the list properties used to assess our value their dates of closing and the most recent trending approach based on the actual data.

    0
    r_harris2
    r_harris2

    7 years ago on Introduction

    An interesting proposal, but could you get loan companies to accept your AVM evaluations? Do you have interest from loan companies?

    Would the homeowner "Fill in the blanks" of the model themselves? In that case, loan companies might be reluctant to accept it, in light of recent problems with self-documentation.

    On the other hand, most elements of an appraisal are fixed, like the location and size of the house. Assuming most of these are verified by the original loan documents, the AVM appraisal might be trusted as an update.