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Short Sale Listings

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agbowes

Thread Starter
Freshman Member
Joined
Sep 21, 2004
Professional Status
Certified Residential Appraiser
State
Florida
In filing out the number of sales in last 12 months and number of listings, I cannot reconcile the dilema with regard to short sales. As the listing will state, the price is subject to the lender's approval, so how can I as an appraiser have any certainty that the lender will ultimately approve the offer. Some do; many do not. I tend to not consider lowball short listings as "market" listings. Any help or other opinions? Thanks.
 

CCAAMO

Senior Member
Joined
Sep 17, 2007
Professional Status
Certified General Appraiser
State
California
In filing out the number of sales in last 12 months and number of listings, I cannot reconcile the dilema with regard to short sales. As the listing will state, the price is subject to the lender's approval, so how can I as an appraiser have any certainty that the lender will ultimately approve the offer. Some do; many do not. I tend to not consider lowball short listings as "market" listings. Any help or other opinions? Thanks.

It does say comparable sales and listings. If you feel the short sales or bank owned listings are not comparable because they are distress sales, etc. you would be justified in not including them, but you better be sure they do not actually refect whats going on in the market.

My own opinion is this two items in the appraisal report are worthless. First who is to say what sale or lisiting is comparable. Secondly, knowing the sales price range over the past 12 months is worthless in an appreciating or depreciating market.
 

DesertDiva

Sophomore Member
Joined
Aug 10, 2007
Professional Status
Real Estate Agent or Broker
State
California
In my market we are seeing a lot of *fishing* by listing for way below recent solds in hopes of generating some kind of offer. The fishers are listed below the active REO as well.

I wouldn't use them in a CMA as a genuine listing price. Not usually a problem here we've got lots of active from which to choose.
 

agbowes

Thread Starter
Freshman Member
Joined
Sep 21, 2004
Professional Status
Certified Residential Appraiser
State
Florida
I agree that this data is pretty meaningless, but alot of underwriters look at it to determine market balance (ie including a bunch of shorts could cause the underwriter to see an over supply). I also agree with the duress/distress comment, and have used it more than once in "discussions" with underwriters.
 

DesertDiva

Sophomore Member
Joined
Aug 10, 2007
Professional Status
Real Estate Agent or Broker
State
California
Well speaking only of my local market, REO is in demand. The few buyers around right now are stuck on the idea of buying a *foreclosure* b/c they are bargain hunting. The way local builders are discounting right now that could be the better bargain but people are into the idea of buying a foreclosure bargain.
 
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