The numbers game in real estate values

Realtor Notebook

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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.