Homeowner Duped By Online Valuation Tool in Baton Rouge

By
Real Estate Appraiser with Accurate Valuations Group, LLC LA St Certified 851

Home Loan Borrower Duped By Online Valuation Tool in Baton Rouge! 

$326,000...Misled by another "Online Value" lookup!


Home Loan Borrower Duped By Online Valuation Tool in Baton Rouge

Saturday morning I'm visiting a property for a Reverse Mortgage loan, 1 non-resticted acre (not in subdivision), 20 year old 1700sf built of average quality, low quality flooring, no frills, average condition. I begin to talk to homeowner and they say, Yeah, the banker typed on their computer and said our home is worth $326,000.


This home might be worth $225K to $245K. The problem is this home is surrounded by newer homes, mostly in newer subdivisions, of higher values. These online valuation tools can't distinguish differences like this and pull an average or median sales price of sales in say a 1 mile circular radius.


So, this homeowner spends $ on loan application, credit report and appraisal to find out their home is worth over $100,000 less than that online valuation tool stated!


Another homeowner deceived!

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Topic:
Real Estate General Information
Location:
Louisiana East Baton Rouge Parish Baton Rouge
Groups:
Greater Baton Rouge Real Estate
Tags:
online home value

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Bill Cobb

Greater Baton Rouge's Home Appraiser
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