As a lender on the receiving end of contracts written and also dealing with more appraisal issues that I have in the past, this post is to ask what tools are being used when listing a home or presenting an offer.
Is anyone using Automated Value Module appraisals or the data the appraisals are required to provide on the 1004MC (Market Conditions Report)
On a recent property that I experienced an appraisal issue, the property sold for 125,000. After recieving the appraisal I looked at www.HomeGain.com to see what they said the value was. HomeGain was estimating the value between 91,000 and 106,000. The appraisal came back at 110,000. This is an issue that I have to address, however it makes me wonder what information Realtors use when listing a home or writing an offer.
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