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peter
6401 Posts |
 Posted - 07/04/2009 : 5:50:41 PM
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I was pleasantly surprised that one appraiser in Whittier, CA
that was referred to me by a listing agent is working full-time
on July 4th and is even appraising properties in Riverside.
His business is terrific as he works 7 days including weekends
and holidays. I didn't ask him if he works on religious holidays as well.
So, there is still good business out there for FHA appraisers
especially in Riverside County where flippers are roaming and
buyers are multiple-bidding for homes less than $150,000 ranges.
Peter |
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homebroker@sbcgl
7249 Posts |
Posted - 07/05/2009 : 09:12:08 AM
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Riverside is crazy as investors from all areas around it are buying investment properties. We have Chinese buyers coming in purchasing 10-20 at a time. CA cash flows again!
Picked up condo for $61,000 and it gets $1200/mo rent - $220 HOA, not bad! |
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peter
6401 Posts |
Posted - 07/05/2009 : 6:58:27 PM
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I am doing one purchase in Perris on a house that was listed
for $114,900 and buyer lost his job to close escrow. Now this
property has been re-appraised by the same appraiser for $123,000
today based on new closed comps. This illustrates that the value
has bottomed out and this property has increased in value by $9,000
since last March 09.
My realtor is telling me that although demand is hot but it skewed
in that it concentrates on good properties with move-in condtions
between $100,000 to $150,000 only. More than 90% of the listings
are still not moving. Those few good properties evoke multiple offers
that drive up the prices beyond the realistic appraisable values.
Peter |
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