| An Appraiser is a trained professional at determining the value of a home. An appraisal should be given more weight than either of the 2 alternate methods for determining value. I think a BPO is more accurate than an AVM because of the human seeing the comparable sales. AVM does not tell you the condition of the comparable sales or if they were foreclosures.
Erik, I have had lenders use a BPO for a field review and cut back an appraisals value. I knew the area and it did not seem to be a justified reduction. However, we never get to see the BPO.
__________________ Greg Phillips Manager Fairfield Mortgage Company Web : Home Forums Blog |