Annette Levinson,
Mortgage Broker or Lender, New York, NY
If the short sale house was within 1 mile of your home and the same school district, the appraiser is obligated to consider the property in their appraisal. If the short sale house is not the same style or has different amount of bedrooms, baths or square footage, the appraiser will use if there or not 3 other houses that sold in the last 6 months that were closer in description to your home.
Javier Meneses,
Mortgage Broker or Lender, New York, NY
Appraisers are required by USPAP (Uniform Standards of Professional Appraisal Practice) to ignore distressed sales, which are sales that occurred under distressed situations, like divorce forcing a quick sale, foreclosure/short sale. But if there's multiple sales like this, to the point where a good portion of the sales and inventory in the area are short sales or foreclosures, it'll have a huge impact on your home's value.
What amount of the homes for sale are shor sales or foreclosures? What is the price range for the homes that aren't?
What amount of the homes for sale are shor sales or foreclosures? What is the price range for the homes that aren't?
Ron Thomas,
Agent, Fresno, CA
The Appraisal should have an allowance for the SPECIAL CONDIITIONS of the Foreclosed Comp.
Ruth & Perry Mistry,
Agent, 95030
Hello Westl,
Right that can be tough when there is a 30% decline.
While an appraiser is required to look at like and similar properties
A 30% delta can be a red flag requiring the appraiser to look at the
Deal more closely and deem whether the property is in a declining market.
Good luck.
Perry
Right that can be tough when there is a 30% decline.
While an appraiser is required to look at like and similar properties
A 30% delta can be a red flag requiring the appraiser to look at the
Deal more closely and deem whether the property is in a declining market.
Good luck.
Perry
Web Reference: http://Trulia.com/blog/Perry_mistry
Anna Brocco,
Agent, Nassau County, NY
The appraisal will be based on recently sold similar properties in the immediate area....
Arlynn B. Palmer,
Agent, 11576
An appraiser will use the 3 most comparable homes (# bedrooms, # baths, style of home, size of property, total interior square footage) that are closest to yours that have sold in the past 6 months. If the short sale home falls within these parameters, then it will be used in the appraisal. If you have any further questions, please contact me.
Arlynn
Arlynn B. Palmer, ESQ, SRES, CBR, CMS, CNS
Coldwell Banker Claire Sobel
(516) 410-3594
(516)621-6300 x 205
Arlynn@ArlynnPalmer.com
Arlynn
Arlynn B. Palmer, ESQ, SRES, CBR, CMS, CNS
Coldwell Banker Claire Sobel
(516) 410-3594
(516)621-6300 x 205
Arlynn@ArlynnPalmer.com
Web Reference: http://www.ArlynnPalmer.com
