home values: Another over inflated value
- 01/27/11 12:21 AM
I just finished reviewing a condominium appraisal in Davenport, Florida from October of 2005. Another appraiser who over inflated the value by $50,000! When you have to go 6+ miles for comps, and ignore 222 closed sales within a 5 mile radius…you are REALLY working hard to hit that sales price!
Appraisers are not supposed to ‘hit a number’ or ‘support a sales price’. They are to be auditors of the transaction.
Imagine if this buyer, who now has lost this unit to foreclosure and perhaps faces judgments and financial hardship as a result, could have been told, … (12 comments)
home values: Stalling foreclosure? Florida is a top runner - Stay in Your Home
- 01/07/11 02:53 AM
I recently read an article in the Florida Realtors online blog (http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=252076 ) about how Florida is #2 in the nation for longest foreclosure process. Can you guess who is #1? New York!
I lived in New York too and remember their court processes and how often they favored the tenant, the homeowner, etc. I guess on one had this is a good thing because it can protect the consumer, giving them longer to make other arrangements, try to resolve the situation, etc.
On the other side of the coin, however, is the investor. Weather that is … (2 comments)
home values: Do Sellers and Buyers Have The Same Perspective?
- 11/03/08 05:27 AM
I have found recently that many neighborhoods in the Central Florida housing market, show significant differences between what a seller's expectations are and what is reality from the buyer. One example of this, is in a community south of Clermont, FL known as Westchester.
There are presently 15 active listings in the Westchester community ranging in size from 1,176 sf to 2,200+ sf. Listing prices are from $109,900 to $249,000. In the last 12 months, the MLS reports 7 closed sales from $150,000 to $209,000 for homes of similar size range. There are currently many short sale and REO/Bank owned … (1 comments)
home values: What a time to buy! (FREE REPORT)
- 10/11/08 11:01 AM
Aside from the melting credit markets and tighter lending availability.....this is a GREAT time to be in the market for a home! (KEEP READING for a FREE copy of my neighborhood report!) The more trend analysis I do in my local Orlando/Lake county markets - the more solid this trend becomes that pricing is similar to that of 2004! And the economic outlook is up - if you are looking from a broader "down the road" perspective. I know that if you watch 24 hours of Fox News or CNN Market watch - you think the planet will implode in about 4 … (1 comments)
I just finished reviewing a condominium appraisal in Davenport, Florida from October of 2005. Another appraiser who over inflated the value by $50,000! When you have to go 6+ miles for comps, and ignore 222 closed sales within a 5 mile radius…you are REALLY working hard to hit that sales price!
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