An AVM, or Automated Valuation Model, is a computer generated estimate of value for a specific real property address. The value estimate is generated based on an algorithm that compares the subject property to sales and listings in the subject neighborhood. Although highly accurate, computer generated valuation estimates can 'miss the mark' in isolated instances.
The predominant cause of valuation errors with AVM's lie in the inability of computers to pick up external influences (lakefront, facing busy streets, etc.) and the quality or condition of individual properties. Regardless, AVM’s serve a vital role in the mortgage industry both at the pre-funding level as well as the post-closing and QC levels.
MyAMC is extremely proud of the AVM we are able to offer. We believe that, for the price ($25 for an individual AVM), there is not a product on the market that comes close to the accuracy and data analysis provided with our AVM. It is our desire that you find similar conclusions after having run the AVM and welcome any feedback.
Thank you for utilizing our AVM service!