Below is the TEGoVA Blue Book containing the 8th edition of the European Evaluation Standards
During the last TEGoVA International Congress from 26 to 28 October 2017 it was reminded:
"The AVMs (Automated Valuation Models) cannot be used to produce an EVS-compliant valuation report regardless of a valuation process based, among other things, on the evaluator’s inspection of the property and the application of the valuation's decision by the evaluator. When used, AVM is a tool that helps the evaluator to estimate the value of the property. However, the evaluator remains responsible."
TEGoVA in phase with the mortgage credit reform that came into effect on July 1, 2016 and the new standards, indeed state:
« The Evaluation […] consists in determining the value of the property after analysis of all the documents communicated by the lender and which are useful for carrying out the evaluation according to the standards in place » (article L. 313-21 of the Consumption Code).
If this service is offered, « when the lender proceeds with the evaluation of the residential property financed with a loan referred to in Article L. 313-1, it shall ensure that :
1° This be carried out by an expert in real estate valuation justifying his professional competence and independent of the decision making process to provide an unbiased and objective evaluation;
2° It be made using reliable evaluation standards, taking into account internationally recognised standards too » (article L. 313-20 of the Consumption Code).