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Loan
Officer Help
You
want to close your loan quickly so you can get paid.
We know, and that’s why we provide a 24-48
hour turnaround after the inspection on most appraisals.
With
intense pressure to move quickly and keep your borrower from bolting, it can
be easy to fall for “free online home value” sites.
Whether it’s pre-qualifying your borrower or doing a “sanity
check” on a more professional valuation, these sites do provide free, almost
instant “values.” But
you get what you pay for.
Appraisers
of Las Vegas .com conducted a study of a particular house (100 Celia Place,
Las Vegas, NV 89145) as of August 3, 2007. We completed a Limited
Appraisal of this property and our opinion of its value was $250,000.
We also surveyed a number of free online home value sites as of this date. Each
site includes properties in its database from Las Vegas, Clark County, Nevada and
nationally.
Here is
what you get for your free value: how you can get a free comp check. The
following lists shows the result of our most recent study:
-
RealEstateABC
- $321,000
-
Zillow
- $279,014
-
Bank
of America - $260,000 to $321,000
-
Yahoo
- $279,014 to $335,689
-
Reply
- 335,689
-
Trulia
- N/A (Avg. list price for similar homes: $297,998)
-
Domania
N/A "Value Check By a Local Agent"
-
Home
Gain N/A "suggested listing price from a local expert"
-
Home
Pages, N/A "Your request will be forwarded to
a Licensed Real Estate Professional"
-
HouseValues.com,
N/A Personal information is required.
Why are
they so far above what a real, live, licensed appraiser came up with?
Because appraisers know their areas.
They know what the sales climate is like. They talk to Realtors. They
thoroughly research resources like the local Multiple Listing Service.
Computers
can’t and don’t. To use an
MLS, you have o be a human, dues-paying member.
And none of these sites talked to a local listing agent or had a sense
of the Las Vegas housing market when they spit out their values.
Sanity checks are fine, but rely on an appraiser when
you need to make intelligent lending decisions.
Nevada Appraisals require an experienced Nevada
licensed, certified residential or certified general or MAI (not MIA)
commercial or residential appraiser.
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