Quote:
Originally Posted by sschuler1
Unfortunately the appraisers are only going back six months on comp sales, and the majority of what is selling around here are repos and auctions. ................
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SS,
I wish that you and so many others did not have to go through this frustration and aggravation.
Those foreclosures that the comps are full of often require a lot of money to be put in after closing to make them livable again. I have heard tales of foreclosures that have been completely trashed, even to the point of having plumbing fixtures and wiring yanked out. Sometimes by previous owners and sometimes when the homes are robbed of anything that can be carried out.
The comps now seem to have a bigger share than usual of "as is" sales. I heard of a house that looked wonderful on the outside and was located in a great area, but there had been a fire that had made a mess inside but did not show outside. It sold for a very low price "as is" but the real reason did not show on the outside. Buyers then expected to get other homes in the neighborhood at such a low price.
The lenders who put us into this mess with their drive-by appraisals and stated-assets loans are now refusing to acknowledge the real value of good homes that do not need extensive work or in cases like yours, do not need any work at all.
How can appraisers ignore what is obvious. You cannot comp beautifully maintained homes with homes that have been gutted or wrecked. What a mess this all is and the wrong people are being punished.
I sure hope this works out soon, SS. I wish you the best.
Boomer