Determining property value usually begins with online research. Foothill properties are especially challenging because property attributes are varied.
Accurately quantifying known buyer reaction to the differing attributes of foothill homes is impossible using web-based tools. Features such as privacy, quality, condition, topography, water features, outbuildings, distance to town, bonus spaces, easements, views, and energy saving features simply are not readily detectable by online computing systems.
Lending professionals know this, and that is whey they protect their capital by hiring an appraiser to independently establish value. Yet most buyers and sellers, who have just as much to lose, will risk a five-figure miscalculation rather than benefit from a professional valuation
The reason banks use a Licensed Residential Appraiser is they don’t like to lose money.