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Why I stopped trusting automated valuation models after a deal fell through in Tacoma
I compared the AVM on a strip mall property against a broker's opinion of value last month and the AVM was off by 18%, missing a power line easement that kills future development. My lender almost let me overpay by $120k until I got smart and paid $500 for a real appraisal. Has anyone else seen big gaps between these tools?
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jason9585d ago
That easement thing bit me hard up in Bellingham two years ago.
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the_faith4d ago
Oh man, tell me about it. Bellingham seems to be ground zero for that kind of mess. What exactly happened to you? Was it one of those surprise maintenance access deals that nobody reads the fine print on, or did they just spring an assessment on you out of nowhere? I've heard horror stories about people losing their waterfront views overnight because of some buried clause in their title.
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