AVM is the acronym for Automated Valuation Model and you may notice you are hearing this acronym more and more often. AVMs have become very common in the underwriting departments of Canadian lending institutions, and for good reason.
An AVM is an automated tool that can instantly generate a statistically derived value of a property based on an analysis of data. Different AVM providers obtain their data from different sources so it is important when integrating the use of AVMs into your workflow that you seek out an AVM provider who obtains their data from sources that are most relevant to you. Most AVMs calculate the value of the property at a specific point in time.
Check out this example: http://lenders.purview.ca/downloads/sample-real-estate-valuation-report.pdf
For more about the benefits of an AVM and how to use one to supplement your underwriting process, please contact Purview For Lenders today by calling 1.855.787.8439.