computer generated estimate of residential property value, accepted by most lenders as a substitute for a full property appraisal for second mortgage loans and home equity lines of credit. Valuations are calculated using computer software models and recent sales of similar homes.
computerized method for estimating the value of a property. Often used for mass appraisal purposes, such as the reassessment of a city's property tax base.
computerized method for estimating the value of a property. Often used for mass appraisal purposes, such as reassessment of a city's property tax base.
Example: An appraisal firm collected extensive data on home sales and the distinguishing characteristics on each home. By applying an automated valuation model to the data, the firm could quickly estimate a preliminary value of any home in the local market.
