Industry NewsTechnology

The numbers game in real estate values

Realtor Notebook
Published on Aug 13, 2009

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by CareyBot

Recently, one of my listings did not appraise.

Actually, it never even got an appraisal because the lender decided that it wasn't worth the expense after viewing the results of a computer-generated report. It was a questionable business practice on the lender's part and one that I hope I never see again.

The computer-generated valuation used properties that are two miles from the subject property, and most were foreclosures.