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propertylender.c
776 Posts |
 Posted - 05/11/2008 : 9:12:34 PM
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| I mean, there are a hand full in our area (granted-average about a million), however, appraisers are using these to lower the value aggressively. |
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GWaldkirch
73 Posts |
Posted - 05/12/2008 : 05:41:41 AM
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| From what I understand, appraisers are not supposed to use foreclosures to establish a value unless you are buying a foreclosure.........anyone confirm this? |
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CoralSnake
9199 Posts |
Posted - 05/12/2008 : 06:01:59 AM
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| Maybe if it is very common in the neighborhood? |
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Mandyvilla
2047 Posts |
Posted - 05/12/2008 : 06:33:21 AM
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I am sure the appraisers will be along soon, but if like our area, foreclosures represent 95% of all market activity, I don't know how they cannot include them.....they ARE our market. Three zip codes in my county outnumber the bank's entire foreclosure list for the country.
The foreclosures are equally spread through all demographics, and all sales price ranges. One zip code over from me, where homes were selling in the low 400's not too long ago are commanding all of 200K with the seller paying everything. The bigger problem --> squatters, moving in or breaking into the vacant homes. The police now will not respond immediately unless there is imminent danger. Otherwise, it goes on a patrol list.
No one is escaping this mess.....if the appraisers are ignoring the foreclosures, they really are not giving the true picture. Foreclosures are having an impact on value. |
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GWaldkirch
73 Posts |
Posted - 05/12/2008 : 07:26:09 AM
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| Well.....its not nearly like that in most areas of WI. Home only appreciated a modest 5-9% over the years........Im mean, come on....who didnt think this wouldnt happen in areas where homes increased in value from 50-150% a year |
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