Well, this article sure stirs up a debate. Even my husband had his two cents this morning over breakfast. Let's take a poll. Do you think foreclosures and short sales should be considered in appraisals? Derek says "YES" because you can't overlook what is happening in your neighborhood. Caroline says "NO". There is a reason bank owned properties are priced below market value because they are sold AS IS, Where is and priced for quick sale and usually CASH. While a responsible Realtor is not going to ignore distressed properties in our market analysis, we aren't going to price a traditional sale home the same as a foreclosure either. Those are not always comparable properties anyway. What do you think?
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Well, this article sure stirs up a debate. Even my husband had his two cents this morning over breakfast. Let's take a poll. Do you think foreclosures and short sales should be considered in appraisals? Derek says "YES" because you can't overlook what is happening in your neighborhood. Caroline says "NO". There is a reason bank owned properties are priced below market value because they are sold AS IS, Where is and priced for quick sale and usually CASH. While a responsible Realtor is not going to ignore distressed properties in our market analysis, we aren't going to price a traditional sale home the same as a foreclosure either. Those are not always comparable properties anyway. What do you think?
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