Back to Results
How have out-of-area-appraisers affected our recovery? It's been hamstrung. Many appraisers are using short sales and REO's as comps in non-distressed appraisals. The main distinction which needs to be made is why compare apples to oranges? Let me explain. If a buyer wants to buy a short sale versus a regular (non-distressed sale) they would do so because they are selling for much less (as much as 20-25%). This is due to longer marketing times. The longer marketing times are because of longer decisions by lenders. If the buyer has the time to wait a short sale is a great buy. REO sales typically represent the bottom tier of sales prices due to stolen high ticket items and depreciation from lack of maintenance. The point is many appraisers are not using TRUE comparables. This is having an adverse affect on a recovery, killing many deals, and making people who are already in a tough situation have to pay for one or more appraisals because the deal was killed. The main reason has to do with out of the area appraisers being used by lenders. See my blog if you want more information about my area. [edited by Zillow moderator to remove website]Best,Jonathan Tipton
Please enter a valid email address.
Stating a discriminatory preference in an advertisement for housing is illegal. If you think this content is discriminatory or otherwise inappropriate and feel it should be removed from Zillow, please let us know by completing the information above.
We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.
Please enter text in the "Enter the text to display" field.
Please enter text in the "Enter URL" field.
Please enter a valid URL.
Please insert a video embed only
By starting a discussion, you can expect more of an interactive, back-and-forth experience where the conversation can go in many different directions.
Zillow® Advice depends on each member to keep it a safe, fun, and positive place. If you see abuse, flag it. More on our Good Neighbor Policy
For Sale: $48,500
For Sale: $399,000
For Sale: $84,900