Market Conditions in Ossipee>Question Details

David Felder, Home Buyer in Apalachicola, FL

the town of Ossipee, NH responded to my abatement application claiming that they can ignore forclosed properties and short sales. Can they do this?

Asked by David Felder, Apalachicola, FL Mon Apr 30, 2012

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They often do whatever they want but you may have the right to appeal. The key is when appraising short sales and bank owned sales are not used unless they make up the only sales. The problem with short sales is they are not often true market value and have no rhyme, reason or guidelines and i do not use them as comps. Bank homes though i do use if they are affecting the value in a specific neighborhood. you should have a profession compolete a BPO to submit with your application or even pony up for an appraisal.
Web Reference: http://www.ScottSellsNh.com
0 votes Thank Flag Link Tue May 1, 2012
Hi David, the answer to your question would require a bit more information.
Were the homes very similar in most respects, age, sq ftge, lot size and condition of homes. For the most part they should not be completely discounting foreclosures as they are having an affect on prices.
0 votes Thank Flag Link Mon Apr 30, 2012
In some states city assessors are forbidden by law from using short sale and foreclosure sold comparatives when determining value - even if the subject property itself is a short sale or foreclosure.

So yes, depending on the laws in your state, they can and do ignore short sale and foreclosure statistics when determining value.
0 votes Thank Flag Link Mon Apr 30, 2012
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