Skipping The Appraisal Can Cost Thousands
This house sold 03/15/2019 for $400,000 in an all cash sale to a Realtor/Investor and no appraisal was conducted. The realtor relied upon an AVM (automated valuation model) to determine if the asking price was fair rather than paying the cost for a professional appraiser to provide a supported opinion of value.
In this case the realtor saved $400 on an appraisal but lost $35,000 by relying on an AVM. (By the way when it was appraised for the recent sale it appraised at $368,000.)
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