appraisal: Appraisal values get a new twist...
- 04/29/08 01:44 AM
The appraisal supports the price. Few people, including many RE agents, are aware of recent developments in valuation. Please, read on... On 4/19 I was checking market values with a Boston appraiser. The good news - he indicated some Boston/Cambridge neighborhoods are 'value' stable. Back Bay, South End, Fenway, Beacon Hill in Boston and Harvard Square in Cambridge, to name some. Values are plummeting in others - South Boston, Dorchester, and parts of East Cambridge. Not much of an eye-opener for me. Then the appraiser told me that loan underwriters are taking values and marking them down further. As much as 20% in some areas. This being done to cover the lender's downside in event of foreclosure or in selling the loan outright. So it's … (2 comments)
The appraisal supports the price. Few people, including many RE agents, are aware of recent developments in valuation. Please, read on... ;)
;)
