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All Short Sales/Foreclosusrea are below market

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paragonrea

Thread Starter
Sophomore Member
Joined
Sep 5, 2007
Professional Status
Certified Residential Appraiser
State
Florida
This is the third time this week that I have had a Realtor tell me that all Shortsales/Foreclosures sell for 20% below ACTUAL market value. With that being said they expect my appraised value to be AT LEAST 20% above the sales price, and most cases above the listing price. All this because they are telling their clients that they are getting such a great deal and expect me to justify it. I am sorry but I have 3 sales that closed within the past 45 days and numerous active listings that support my estimate of value and your sales price.
Let the lawyers live, kill all the Realtors. Can somebody pour me a strong drink :new_all_coholic: ?
 

USPAP Compliant

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
North Carolina
When they are listed on MLS, exposed to the market, a price is offered and negociated....that is the market.

Neither party (buyer or seller) may meet the Fannie language but one is wanting to buy it as cheap as possible and the other wanting to sell as high as possible......equally motivated.

If a buyer sees similar homes in the same s/d and and one is a foreclosure offering and one is not....and he can buy one for less money he will likely do so. Good ole principal of substitution.

There is little or stigma anymore concerning foreclosures....they have become an important sub-market. In my area, foreclosure manufactured homes ARE THE MARKET.
 

hglenbetts

Senior Member
Joined
Dec 3, 2007
Professional Status
Certified Residential Appraiser
State
Michigan
Let the lawyers live, kill all the Realtors. Can somebody pour me a strong drink :new_all_coholic: ?

You really want to deal with lawyers practicing real estate?? :rof:
 

Farm Gal

Elite Member
Joined
Jan 14, 2002
Professional Status
Licensed Appraiser
State
Nebraska
:shrug: Do your due dilligence!

Run analyses where you compare Non-REO porperties with REO...

If there IS a notable value difference there may be a bifurcated market for verifiable reason!

We have dealt with asuch a situation for years in certain sub-markets.

CYA: Do the work and tell em to GO AWAY and leave you (and your opinions) alone! -- or put your hat in your hands and admit that just once in a while they may be right!:Eyecrazy:

Works better than scotch!
 

Richard Carlsen

Elite Member
Joined
Jan 15, 2002
Professional Status
Licensed Appraiser
State
Michigan
Let the lawyers live, kill all the Realtors.

Careful.........a whole bunch of us appraisers out here are Realtors.

I think what you are referring to are brokers.
 

mwbode

Sophomore Member
Joined
Jul 5, 2007
Professional Status
Certified Residential Appraiser
State
Florida
Most of the markets in South Florida short sales and REO transactions are the only transactions within the market. I know the markets I work in these transactions are predominant and they define market value.
 

Dean

Senior Member
Joined
Oct 16, 2003
Professional Status
Certified Residential Appraiser
State
Tennessee
Careful.........a whole bunch of us appraisers out here are Realtors.

I think what you are referring to are brokers.

I dont know Richard, im also a Realtor, but i still say kill the Realtors.
 

toddmallard

Junior Member
Joined
Oct 4, 2007
Professional Status
Certified Residential Appraiser
State
Georgia
Thats the market here in So. Fla. Mostly short or forclosures. there are skippy shops in So. Fla. Broward County, that still go by the creed "were historic" and will not consider any active or pending sales in their analysys, or count any forclosures, cause they think that their not arms length tranactions.
 

Scott Kibler

Elite Member
Joined
Oct 7, 2003
Professional Status
Certified Residential Appraiser
State
Illinois
I say kill all appraisers stupid enough to believe such unilateral nonsence or too weak to stand by their own analysis.
 

bart nathan

Member
Joined
Jun 9, 2005
Professional Status
Certified Residential Appraiser
State
California
(DOM) tells the story you need to know
 
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