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October 20, 2006, Newsletter Issue #103: Online Appraisals
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Tip of the Week
Many companies offer online home appraisals. These companies, which include www.ditech.com, www.valuemyhouse.com, www.electronicappraiser.com, and many others, provide an appraisal of your property based on the price that other, similar homes in your area recently sold for. The shortcoming of these services is that no one actually goes out and looks at your home, and the services rely on your description of your property to arrive at a value. These services may be somewhat useful for setting your asking price, but a mortgage lender is unlikely to use an online appraisal.
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