Bringing Appraisals Down to Earth.
Today, the amount of online resources seems to be as vast as the universe. Sometimes they’re informative and helpful, and other times, they can be misleading. In our industry, websites like Zillow, Trulia and others provide home buyers the ability to search for homes, list their homes and find industry data to determine benchmarks. However, some of that industry data can lead borrowers and lenders astray.
These sites make estimated guesses, but they don’t give true estimates because they can’t physically view each home. There’s more that goes into an appraisal than the data they utilize. Appraisals can be very complex, with many various factors falling under location and physical features. The Texas Association of Realtors® published a handout where the sites mentioned above advise borrowers to work with trained professionals. One of the highlights from Trulia states, “If you’re looking for a precise value for your home, or if you’re thinking of selling your home, we recommend you talk to a real estate professional. After all, our algorithms are smart, but we can’t know everything about your home’s features and location. Connect with real estate experts in your area.”
As an AMC founded by appraisers, we couldn’t agree more with this advice. We know the ins and outs of an accurate, compliant appraisal. We employ a stringent vetting process to ensure our appraisers are geographically competent to provide the most accurate appraisal possible. Additionally, our quality control department reviews appraisers’ work for errors and addresses them before submitting a report. We value our relationships with our appraisers and with our clients, and we do everything we can to ensure our clients receive as accurate of appraisals as possible. Take a look at the Texas Association of Realtors®’ handout, and let us know if you’d like more details.