How would the market look IF: APPRAISERS couldn't use REO's as COMPS? Just wondering how this market would fare if there was a DOUBLE STANDARD? Those who were paying their mortgages and were in good standing and that shouldn't have to bear the brunt of those that couldn't or wouldn't or shouldn't pay their mortgages verses those that do.
You know, I have thought about this for a long time because it really doesn't seem fair to me that those who pay and always have paid their mortgages on time are suffering because of those who don't.
Really, in the boom of 2005, when several banks were lending money to people who they shouldn't have, are now, ruining the value of those who were able and honest enough to do so. This is not fair (in my opinion).
Why should those who pay on time and continue to pay on time even though their homes have been devalued due to the foreclosures in this market have to suffer?
Is there a DOUBLE STANDARD? I think so, what do you think?
What affect would this have on the current market?
Karen Monsour, 954-464-4194