Skipping The Appraisal Can Cost ThousandsThis 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.) Need to schedule an appraisal? Give us a call. |