Profile picture for tubac2rk

Low Appraisal

Recent appraisal used comps that were ALL FORECLOSURES, bringing appraised value DOWN over 200K compared to similar appraisal 10 months ago.  How can I get this value raised when all sales in neighborhood in the last 6 months have been forclosures??
  • August 03 2010 - Tubac
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Answers (3)

Profile picture for Eric142
Short answer:  You can't until the market actually recovers.

Longer answer:
If all that is selling in your area is foreclosures, then that is the market and the appraisal is reflecting that.  You may not like it, but if the only comps available are foreclosures then those are correct comps to use.
  • August 03 2010
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When foreclosures flood your neighborhood, it brings your value down.  Depending on where you are in the country will be a factor in how long you will have to wait to repeat the process of getting another appraisal.  In Los Angeles County where I am, values are on the up swing.  Not like they were when the market was going crazy but we are seeing steady small increases that over time will add up.  In your case you may need to wait five years or more to see the value you are hoping for.
  • August 03 2010
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Profile picture for rentlawcom
That's what the value is - the bank doesn't care what it WAS 10 months ago.

That was the problem and govt made it to easy for people to walk away.

The TRUE value of a home is REALLY what it's worth at a foreclosure - because you never know when that "hot" pumped up area of 1,000 like homes dies out.

So the next response might be - "wow" buy now - it's 200,000 less then what it was - it can ONLY go up.

Also, look at the rest of the inventory within 5 miles. Good chance many of those listings are stale , over 90 days or expecting a high price that will never happen - as evidenced by your own research.

Would you give someone $200,000 to invest in something that has no value? That's what you want the bank to do, give an extra $200,000 .

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  • August 03 2010
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