Posted on: 08th Feb, 2007 05:46 pm
can I get some information about AVMAA
Hi Virts,
Welcome to Mortgagefit forum.
AVMAA is short form for Automated Valuation Model Assisted Appraisal. It starts with a AVM which is a computer generated appraisal report.
You might ask what is AVM then :)
AVM is called Automated Valuation Model. While creating this report tax assessment, past market trends, analysis of the neighborhood and other factors are considered in determining the logical value of the home. No appraiser is involved in this whole process.
Now AVMAA differs from AVM as in AVMAA a local appraiser is involved. The appraiser reviews and contributes to the creation of the report by way of using his market experience and local geographical knowledge.
The appraiser makes sure that the information and value of the property presented in the report is correct. AVMAA is accepted by lenders as well as secondary market buyers while on the other hand AVMs are not.
Colin
Welcome to Mortgagefit forum.
AVMAA is short form for Automated Valuation Model Assisted Appraisal. It starts with a AVM which is a computer generated appraisal report.
You might ask what is AVM then :)
AVM is called Automated Valuation Model. While creating this report tax assessment, past market trends, analysis of the neighborhood and other factors are considered in determining the logical value of the home. No appraiser is involved in this whole process.
Now AVMAA differs from AVM as in AVMAA a local appraiser is involved. The appraiser reviews and contributes to the creation of the report by way of using his market experience and local geographical knowledge.
The appraiser makes sure that the information and value of the property presented in the report is correct. AVMAA is accepted by lenders as well as secondary market buyers while on the other hand AVMs are not.
Colin
thanks colin, one more question, what is AVMAA with picture...
Hi Virts,
Welcome back.
AVMAA with picture includes a photograph of the property which has been taken within forty eight hours of the inspection. To ensure occupancy & other crucial details it also includes a field inspection report.
Do let me know if you have any other questions.
Thanks
Blue
Welcome back.
AVMAA with picture includes a photograph of the property which has been taken within forty eight hours of the inspection. To ensure occupancy & other crucial details it also includes a field inspection report.
Do let me know if you have any other questions.
Thanks
Blue