Verifying Sales in a foreclosure world

[Otis Key]

Are you suggesting that we appraisers intercourse?

I neither admit, confirm, NORRRRRRRRRRR do I deny any such knowledge of what you're asking. :blush:

 

[Farm Gal]

If photos are not available in the MLS and agents will not call you back, how do you verify those comps?

Don't make an adjustment unless there are obvious exterior conditions which are extrapolated to the interior - EXPLAIN THAT - and place the least reliance on the sales you know the least about!

It happens You do the best you can - 'splain what you did and why and move on - at least the GOOD appraisers will TRY!!!!

And I do wish that that group would proliferate (as opposed to procreate)... takes too darn long to raise the Next Generation!

 

[Mztk1]

Are you suggesting that we appraisers intercourse?

Party at my house!!! :Emoticon_hug:

 

[Mztk1]

The three properties I investigated did not have interior photos on the MLS.

How do you get agents to verify 99% of the time. That has not been my experience at all, here or in Iowa.

I don't know how you don't. They need us sometimes, so they usually help in any way they can. Sometimes I have to call a second or third time, but by and large they are usually more than happy to help an appraiser doing the job right. There is nothing an agent hates more than having to tell Mr Would Be Seller that the appraisal he has, or the neighbor across the street had done last week, is much higher than what he could actually sell his house for.

 

[redfish]

The topic of Tim's inquiry were REO sales. I think some of you are reffering to agents who care what a property sells for. Most of the REO agents don't actively market these properties here in Detroit and surrounding areas. There is not much motivation for them to call back an appraiser. 1 agent may handle 30 listings in a month I frequently get the "which one?" answer and then the "I don't remember I listed like 30 this month so far". I do window inspections of active listing REOs (if safe) and talk with new owners when possible. Tim I don't know if you venture up river, but you will begin to find that the lock box codes become familar (the alpha dials) the serivicers use the same codes over and over again.

Friday at about 5:30 pm, just south of 8 mile on the northwest side I stopped and talked to somehow working on a home that had just closed. He was very helpful, but wouldn't let me take a picture of it so, I didn't as anyone familar with this area would have.

I am completing a majority of my work in some of the worst areas in Detroit most of the agents listing these properties don't ever see them (scaredy cats). They have the clean out crew grab the listing photo. Some of the agents don't even know the lock box combos.

Everyday is an adventure. Detroiters, I just had one on the same street where the baby was shot in the pelvis. I had to take my street scene after the news crew left. Action 8 on my side (of the street).

 

[Lawrence R.]

Are you suggesting that we appraisers intercourse?

Dictionary.com Unabridged (v 1.1) - Cite This Source - Share This in·ter·course

Audio Help /ˈɪn

tərˌkɔrs, -ˌkoʊrs/ Pronunciation Key - Show Spelled Pronunciation[in-ter-kawrs, -kohrs] Pronunciation Key - Show IPA Pronunciation –noun 1.dealings or communication between individuals, groups, countries, etc. 2.interchange of thoughts, feelings, etc.
(Definition # 3 left out, as it didn't help my point....LOL)


Indeed, that is what we do here, everyday, no?

 

[Hamlet]

Larry, it was just a little play on words. I took your comments that appraisers should be fruitful and multiply and ran with it. Sorry if I offended.

 

[laynelucia]

Since I bought my foreclosure home in February and had the pleasure of house shopping I know that foreclosure homes come in a variety of conditions.

I got an order (full fee) Thursday. I found six very good comparables and proceeded to call the Realtors. Three returned my calls and three did not. So, no verification, and the three that did not call back were all foreclosures. So what was the condition of these homes at the time of sale?

Saturday I got in my car and drive about 60 miles going to these homes. Knocked on the first house and asked the new homeowner about the questions in mind after making small talk. Got what I needed.QUOTE]

If I did that in Flint and/or Detroit, I would be shot! Heck, I even got chased one time just trying to take a comp photo! If we cannot absolutely verify the condition of a home and..this is a BIG and...there are no other representative comparables, we have to make some assumptions in relation to the sales price per square foot in relation to the overall market and its possible condition, all other factors being equal.

DISCLOSURE, DISCLOSURE.

 

[laynelucia]

sounds like you did a $1,250 appraisal with all the driving N investgative reporting.

Most foreclosure agents here, make one trip; notify the Lender of the condition and get someone in to clean it up. How reliable are the sources you spoke with ? Perhaps the neighbor didn't like the old Owner, and would do anything to discredit them.
Most of our MLS now offers interior photo's, when there not available, one can assume it was not photogenic, as over 90% of the current Listings offer those interior shots for "marketing purposes".

I also sell 2-3 foreclosed homes a month. Photos DO NOT tell the story. In almost ALL foreclosure cases, the home is in the 20-40th percentile of condition and most of the time, something, if not a substantial amount is missing, such as plumbing, etc.