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Online Appraisals Offer Added Negotiating Power
A home is likely to be the largest purchase you'll ever make, and it goes
without saying that negotiating skills are a critical part of the purchase
process. The fact is that while some people live to haggle, not everyone is a
born negotiator and not everyone is familiar with the ins and outs of property
values and the real estate market. Luckily for homebuyers, the increasingly
popular AVM reports are offering home buyers a critical tool in the negotiation
process.
If you don't offer sticker price when you purchase a car, common sense tells
you that you probably don't offer the asking price when it's time to purchase a
home. The question many home buyers find themselves asking is how much is this
home worth when the time comes to make a written offer? You don't want to pay
hundreds of dollars for a traditional appraisal before the sellers have even
accepted your offer, but you also don't want to pay more than "market
value." Thanks to online companies, AVM reports are
now providing home buyers with a solution to this dilemma.
An AVM (automated valuation model) pulls information from a variety of
sources including as the local county public records, MLS databases, and other
valuable sources to help determine the value of a home without having a live
person physically appraise the property. An AVM is a sophisticated technology
report, the product of an automated valuation analysis, and computer
decisioning logic combined to provide a logical calculated estimate of a likely
selling price of a residential property. These reports assume a subject
property is in average condition for the neighborhood with no substantial
improvements or deficiencies when compared to any other typical home in the
neighborhood. By combining the selling prices of comparable homes in the area,
the AVM is able to determine an estimate of a property's fair market value.
What does this mean to you? If you're looking to purchase a home and the
AVM value comes in a lot lower than the asking price, you have negotiating
power that you can bring to the table. Showing a seller the AVM report on their
home in writing will go a lot further than a simple statement of "I don't
think it's worth that much." On the other hand, if the AVM comes in a lot
higher than what the seller is asking, you can look into why the property is
being offered at such a low price. If all is in order, you know you're getting
a great deal plus the benefit of instant equity.
Since many lenders are now also using AVM reports, ordering a report
yourself can aid you in finding out whether or not the property you want to
purchase will meet your lender's qualification guidelines. For example, if you
know your lender will use an AVM report to determine the property's value and
you know that your lender will only lend you up to 90 percent of the home's
value, you can figure out how much money you're going to need to put down to
qualify for the loan.
AVM reports are extremely economical, costing less than $30. They're also
very time-efficient. You can get the details of the report instantly online.
When it comes to the purchase of a home, the early bird catches the worm, and
the quick turnaround times offered by AVM reports are extremely beneficial.
In addition to negotiating power, AVM reports also give you an idea of local
property values by letting you see what other homes in the area have sold for.
While the system isn't foolproof, it's a great point of reference to start
from. AVM reports won't figure in excessive damage or extreme market conditions
(such as sudden spikes in real estate values), but the report will give you a
fairly accurate idea of what the market value of the home you're interested in
purchasing is, giving you the power you need when it's time to negotiate.
Article written and copyrighted by By J. Harman and printed under the Fair Use doctine.
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