A Realtor sent me a listing this morning, for 732 days the price was $234,900. The information indicated it must be a cash sale or 203 K financing. Can we imagine the condition?
Here is the question, how could anyone list a property for nearly twice what it is worth? Since this is an estate sale and appraisals would have been necessary, wouldn’t someone think the listing price is out of whack?
Most importantly, what is the listing agent thinking? Why would anyone be willing to take a listing that … (30 comments)
appraisals: NEWS FLASH, FANNIE/FREDDIE SAY HOME PRICES MOVING UP
- 07/02/12 10:31 PM
“News Flash, Fannie/Freddie Say Home Prices Moving up” I’m not sure there is a Realtor in this country who hasn’t been saying the same thing for months. At the same time appraisals continue to be a problem. The AMC’s and their appraiser networks were certainly quick to downgrade values by saying that most markets have declining values, but how many are adjusting values upward because purchase prices are increasing and they are using old comps? The answer, very few if any. It is the same as the price of gas, it sure does move up in a hurry, but it sure doesn’t come … (3 comments)
appraisals: APPRAISAL ISSUES
- 12/30/11 12:45 AM
“Appraisal Issues” I always advise my Realtor partners, to assist the appraiser all you can. If there are comps that you know about, have them ready for the appraiser. Make sure you check out data on sales that didn’t go through MLS. More times than not, they will appreciate the help. In the article below, #2 speaks about asking the seller to carry a second mortgage. In today’s market place, with all the rules and guidelines that lenders have, this solution would be a problem. Also, when the buyer sees a property value coming in below purchase price, they will … (3 comments)
appraisals: READ THE POSITIVE FOR MASSACHUSETTS FORECLOSURES
- 10/28/11 12:41 AM
“Read the Positive for Massachusetts Foreclosures” We do a lot of mortgages in Massachusetts, so reading that foreclosure activity is down, is wonderful news. The challenges that we have encountered in the mortgage process is appraisals. In 2009 and 2010, when we were doing a refinance, one in five appraisals have come in below the estimated value. When it came to purchases for the same period, one in eight appraisal came in below the sales price. In 2011 appraisal issues have been a relatively minor issue, which is great and a good sign that values are much more stable. … (2 comments)
“Price Reductions: $234,900 to $145,000”
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