Figure.com - Wildly Inaccurate AVM Appraisal

[homeloanexpert]

@petermacanderson 

Same thing happened to me. I recently applied for a home equity line of credit. Due to the substantial equity in my property, the loan officer told me that I qualified for the no appraisal option. When he told me what the AVM value came in at, I almost fell out my chair. Now in my case, it really did not matter. I wasn't taking out that large of a line of credit. But if I needed to, I would have opted for a full appraisal. I think with the declining values, the system is set to  be more conservative.

[URHomeInvestments]

@petermacanderson I am also located in Florida and wonder which lender you ended up going with.  Did you find a FL lender who used a drive by appraisal (like Space Coast FCU does) or whether you used the AVM.  I need to work on building out our office, as well.