OfflineI have a question on using the FMV tools or Real Estate Analysis Systems. After finding a home I run the address through the Real Estate Analysis System here on DG then use two more and usually they all come up with around the same price.
My question is this. I have found errors in the tools with the errors being that the tool will often get the WRONG house! In order to check this better I typed in my mothers address and the little red ticker thingy that is supposed to show where the house sits isn't my moms house! In fact its a neighbor who lives down the road and over a hill! This erros would explaine why when we went to do drive bys we could not locate the properties!
I ran this using my own address as well and it did give the correct house. That said why would this happen and what kind of impact could it have on calculating the FMV on a home?
You can't save the world but you can offer a hand up to a few along your way.
There are several great online tools that you can use to help you obtain FMV. Personally, I would only use them as an initial point of referance. To initally indicate whether or not this is something that you should pursue. I feel that you should always use a updated sold comps from a realtor or an appraiser. The realtor for the most part will be the easiest person to get this information from. It will take them less than 5 minutes using the MLS to get this information for you. I also would take it a step further and as the realtor for some active comps as well to see what your competition will be once you purchase this great deal, and to verify that this is infact the great deal you think it is!
I hope that this helps!
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