Thought's on this

[Geoff Hatcher]

Getting real tired of seeing these deals continue to go through in my market area. They have been occurring in excess of 11 years. Prepared a newsletter to send to area bank presidents, credit officer's and chief appraiser's. Any thonghts? or am I just preaching to the chior.

 

[Non Sequitur]

How about including current market stats and trends?

 

[J Grant]

HOW ABOUT the attorney general for your state? and some policians running for office trying to clean up what is going on ? very well written

 

[Lawrence R.]

You are probably peeing in the ocean, but I think I can see a slight yellow tinge...

Keep it up...

 

[stefan olafson]

I was interested enough to read the whole thing and I work in NW Minnesota. The one point I disagree with is lack of MLS sales. I work an area where MLS is not available. Most of my sales are verified within the courthouse and with a drive by inspection by me. They are still good quality sales in my opinion.

 

[Diego Lopez]

I was interested enough to read the whole thing and I work in NW Minnesota. The one point I disagree with is lack of MLS sales. I work an area where MLS is not available. Most of my sales are verified within the courthouse and with a drive by inspection by me. They are still good quality sales in my opinion.

I agree with you, to ignore "by owner" sales would lead to a very misleading appraisal report. In Miami Dade county MLS shows 2850 sales in the last six months for single family properties, Tax Roll shows 8132 sales in the last six months for single family properties. An appraiser who appraises in Miami Dade would have to ignore 5282 out of 8131 sales according to his logic or lack of it.

 

[Restrain]

Perhaps there would be a reason for ignoring the 5282 sales. Bbank foreclosures show as sales, transfers between entities show as sales, etc. There can be four or five transfers of a property as a result of a foreclosure, none of which involves an actual market sale.

 

[Diego Lopez]

Perhaps there would be a reason for ignoring the 5282 sales. Bbank foreclosures show as sales, transfers between entities show as sales, etc. There can be four or five transfers of a property as a result of a foreclosure, none of which involves an actual market sale.

Let's assume for aagrument sake that 50% off all transaction are foreclosures, transfers, etc, that still leaves a great number of "by owner" sales.
The point I'm trying to make it's that "by owner" sales make up a significant part of the real estate market place, they can not just simply be ignored. To ignore these sales would would be fraud, it would be misleading, and would lead to an inacurate appraisal.

 

[Riick]

Back in the late 70's and mid-80's I saw plenty of "investors" flipping properties back and forth between themselves, their buddies, their shell corporations, and the various straw names they used.

Doing this, they can build their own appreciating market, and if done well, you can't tell WTF is going on.

Tell me it can't happen, too much cost involved.
Well, transfer taxes apply, but giving away 5% to the gubment, and still making 25% is a good trade.
?? Income taxes on the profits on each sale/resale? The books show that there was no profit, renovation expenses ate it up.

Thanks, but I'll stick to MLS and sales where I can talk to the broker and verify things.
.

 

[Dan/Fla]

Looks good however I do see one thing that bothered me. Basically report states MLS, however no MLS assoicated with transfer. Me I often will get some information about a comp from an older MLS. Even if MLS is 5 years old it might tell you something about a comp you can not see from curb or Public Records. Though true I do noted use of a older MLS in the comment section