Its inevitable. When ever there is something new and successful on the internet, someone is going to copy it in at least some way. The site is homeValuationsCanada.com, a cross Canada site that give homeowners appraisals of their home, just like Zillow. Unlike Zillow, the site sticks primarily to online home appraisals and charges a fee.  The site even touts "Why $300+ for an intrusive physical appraisal when you can get an automated one for a 10th of the price?"  The site covers the provinces of Ontario, Alberta, Manitoba, Quebec and Nova Scotia.

Now, I don't see how in the world that will work without a physical appraisal. There are so many physical factors about a piece of property that can affect an appraisal I don't see any lending organization that would accept this. For example, what if the property had been a rental and the tenant trashed the inside?  Or the yard is dead, leaking roof, etc?  I know we have several members who are home inspectors.  Have you heard of sites like these before? Is this actually acceptable here in the US or just in Canada? -Charles

 
Posted by Jacqulyn Richey - Las Vegas Real Estate on 10/13/2006 11:56 AM   Comments (6)   ,  

6 Comments on Attack of the Clones!

It sounds like an algorythmic failure to me. How can an apprasial be automated? The checks and balance system is completely thrown out the window.

Buyer Beware!!

10/13/2006 04:52 PM by Barnett Associates Real Estate, LLC

Just another stupid site, sad thing is many people will buy into the hype (Just like Zillow).

10/13/2006 05:07 PM by Ken Smith (Suburban House Hunters)

When I found it I couldn't believe it was even legal. I've heard of appraisers doing a "drive by" appraisal in order to help the person get a refi, but a computer picking the number.  There are way too many variables. -Charles

10/13/2006 05:11 PM by Jacqulyn Richey - Las Vegas Real Estate (Prudential)

It is highly doubtful that the financial market would place much value on an appriasal comming from such a company.

10/13/2006 09:58 PM by Barnett Associates Real Estate, LLC

I came across your email account I was wondering if you are able to give my Pa home an apprasial? I'll will be able to send pictures & description of the home let me know

01/26/2007 11:52 AM by valarie

I have used this service a few times through ByTheOwner.com and found it very useful. You get pretty well the same info a Realtor would give you but without having to use a Realtor and have them breathing down your neck every few days. I agree that it is not a replacement for a physical appraisal as a computer system would not know certain things but it is, in my opinion, a good report for the money. I have run three reports and they all came in around where I thought they should be. I like having the sales history of a home and any more information you can have helps you. 

03/22/2007 08:22 AM by Nancy Thilander

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Real Estate Agent: Jacqulyn Richey - Las Vegas Real Estate (Prudential)
Jacqulyn Richey - Las Vegas Real Estate
Las Vegas, NV
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Prudential

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