29 July 2010
Due to its efficiency, AVS is becoming more popular among lenders. Yes, this method is not perfect – some may have doubts about its accuracy. But AVS’s benefits are obvious: speed and price.
In case you’re in a hurry, the AVS choice is just for you. You don’t have to wait for the appraisal appointment, you shouldn’t waste your time waiting for the appraiser to view the property and write a report and so on.
Speaking about the cost, this system is also better: AVS is either free or costs $50-$75. Now compare it to $250+ for a basic human appraisal.
It seems a good way out for the clients, especially in case of refinancing. It often happens that people have to pay $250+ for an appraisal just to know that their house value is not enough for the necessary loan amount.
Some lenders require a certain payment for the AVS service, others – don’t. And it’s no surprise that consumers choose the ones with the free AVS.
Sometimes, however we can’t proceed without professional appraisal. Consult with your mortgage broker about that.