Another twist in online home valuations

Eppraisal.com just launched its redesign with an apparent focus on leveraging the weaknesses of their competitors. The online valuation site offers visitors the ability to get an idea about their home's value, then go on to order a certified appraisal from a nationwide network of licensed appraisers.

"Our system is designed to be a first step," says Damian Scott, president of Eppraisal.com. A property search proves this to be true. Instead of a Zestimate-style single value assignment, Eppraisal offers a range of value that gives homeowners a basic idea of what the home might be worth. When the homeowner takes the next step, a 2055 "drive-by" appraisal is performed. This can be used removing private mortgage insurance, or in some cases, a full refinance of the home.

Eppraisal also offers several tools for real estate agents. In addition to several sponsorship opportunities, they offer tools for placing their valuations directly on an agent's site. Mr. Scott advocates that the tools set themselves apart because of their "deep integration" to the agent's site. These tools provide map-based valuations and demographic information without ever leaving the hosting Web site. 

I like that Eppraisal places appropriate perspective on how accurate an online valuation is likely to be. Public records can only factor comparables by the most basic of information about the home. Ultimately, it takes a professional with hands-on experience with the property to accurately value a home.

--Todd Carpenter, Lenderama

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