Doug in NC
Elite Member
- Joined
- Jan 17, 2002
- Professional Status
- Certified Residential Appraiser
- State
- North Carolina
I know HUD expects appraisers to check all mechanical systems during the appraisal inspection, but what if it is a foreclosure and the power is off. What is the procedure to follow for this?
Another question:
You have 3 comps, one is an REO and the other two sales are normal market sales. It has been my experience that foreclosures typically sell significantly below normal market sales, even when they are in pretty good condition (due to the distressed nature of foreclosures). All other things being equal, does it make sense to place the most emphasis on the REO sale over the other 2 sales - particularly when the REO sale adjusts out substantially lower than the other 2 sales?
Another question:
You have 3 comps, one is an REO and the other two sales are normal market sales. It has been my experience that foreclosures typically sell significantly below normal market sales, even when they are in pretty good condition (due to the distressed nature of foreclosures). All other things being equal, does it make sense to place the most emphasis on the REO sale over the other 2 sales - particularly when the REO sale adjusts out substantially lower than the other 2 sales?