It’s futile trying to figure out how banks and mortgage services determine opening bids but the more we know about banks the better.
Does anyone know of bank that uses AVM software to assist in property valuations? If so, who is the maker of the AVM software?
I had a conversation with a director at Freddie a couple of weeks ago and he said they were using both BPO’s and their Home Value Explorer AVM: http://www.freddiemac.com/hve/
Thanks, Sean.
I’m digging to find more info on banks and what tools they are using for valuations. Most opening bids don’t feel like they are plays on market value (e.g. at market value, 30% below, etc). They seemed to be influenced by other factors like outstanding loan balance.
In my county, it seems World Savings Bank loans are more aggressive with their opening bids. By which I mean their opening bids seem to frequently open at a discount to market value. It would be cool to know what AVM tools they are using. 