Selection of preforeclosres within a range of values.

Submitted by Richard Crain from CA - 08/26/2011 - 1:42pm

I sent you a message saying that I have not been able to use the range of property values when downloading a list of preforeclosures. I was totally unable to understand your answer. If you have removed this ability to sort by range of values just say that it is no longer available. If you changed the manner in which I can ask for it then tell me how to I can ask for it. The answer you sent answered nothing. Please help me. Write in plain ordinary English.

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Submitted by Michelle - 08/26/2011 - 4:16pm

Hi Richard,
We do allow you to search by property values. Our property values are based on an AVM. We use a commercial grade automated valuation model (AVM) based on public records data to determine estimated home values for properties scheduled for auction. We have qualified this AVM and find it to be quite good, but an AVM does not account for the context of the property, condition or other factors which may affect the home value. An AVM is no substitute for local knowledge of an area and an overall understanding of the condition of the property.
When you are searching for unique properties like commercial properties or properties that are worth several million dollars an AVM may not be available on that property because there are not any recent comps available to provide the value. In these cases we would not be able to provide an AVM and you would need to search for these properties using different search criteria. If you were looking for commercial properties you would use a property type. If you were searching for very expensive homes you may want to search by the loan amount or the size of the home or the lot.

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