Declining Market = Do Not Use?

[Mike Kennedy]

Where's the:

I don't give a damn catagory?

HERE YA GO >>>>>>

 

[tmeyer]

Declining market checked

Haven't heard from 2 regulars in the past 2 months....was getting 2-3 a week all winter

 

[EVAUSA]

I've been marking decline since spring 2007 without a hitch. Most LO's are pretty realistic. I've even been told the lenders are cutting values an additional 5% for decline.

 

[expressv]

We haven't been completely cut off, but have most definitely lost some volume over it. Year plus on the market only to sell for less than it did 2 years ago. hmmm...

 

[Jack Straw]

Just reviewed an appraisal in Las Vegas done by an SRA. Lets see, states all over the report that the market is in peril, but neglects to mark declining and makes no time adjustments.......

 

[apprscott]

I have been lucky I live in a market that has slowed but values have remained steady and still increasing in many areas. I live in upstate SC, we were insulated from a lot of the overinflated values in a lot of the country, in fact our area Near 3 large lakes are still rising, but not nearly as much as before. I do have some areas in nearby counties that have dropped and I mark them declining, no problems, but I forsee possible problems if we too start dropping in values. It is a shame that appraisers are punished for doing their jobs correctly.

 

[Jeffery Hall]

It just occured to me.

...I can not afford to comit comerical suicide so I am no longer marking the box.

(In one of these counties there are over 1000 active homes on the market and only 34 homes have sold so far in Oct. Typical sales volume is 180 to 240 homes a month. Sales prices declined 9% in most segments since 2006.)

This is not aimed at you Steve, but I was thinking about other no box checked comments earlier, and now yours pops up.

I had an epiphany.

Here's the scenario...

You don't check the box. The broker prints it out. They have a choice to make.

1) leave it unchecked. or
2) check it FOR YOU!

So they "help you out" because you have "inadvertently" left the box unchecked. And they check it for you. After all, what are typewriters for anyway?

It seems to be a very dangerous thing to leave it unchecked.

What is it called if you leave your pool open to the public? An attractive nuisance?

By leaving the box unchecked are you leaving yourself open to liability you don't want? Especially if it can be shown that you regularly don't check the box?

Lots of liability if the neighbors kid drowns, even if the kid's parents know he's there. Especially if you neglect to lock your pool fence gate regularly.

Just something to think about.

Steve, we are here to bounce stuff off each other. Thanks for sharing.