- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
House Appraisal
Posted on 8/14/10 at 1:13 am
Posted on 8/14/10 at 1:13 am
I purchased my house (new construction) right before the house bubble burst in 2007. Two houses on my street which were purchased in 2007 went into foreclosure and sold for more than $25,000 less than their purchase price in 2008 and 2009. If I were to get my house appraised now with the intention to put it on the market, would they use the two foreclosed house as comps or would an appraiser not use the foreclosure property for comps?
5
Posted on 8/14/10 at 6:28 am to LSUZouave
the foreclosed property or distressed sales will not comp- you will need to look at recent sales- however a new law now restricts the distance comps may be used- basically they try to keep them in the same subdivison
Posted on 8/14/10 at 11:11 am to LSUZouave
quote:
would they use the two foreclosed house as comps
It depends. Is the lower price you quoted the result of the foreclosure auction or did they fail at auction and come back on the market as bank-owned properties (REO)? If it's the latter, then they will absolutely be used as comps, since those are regular MLS listings.
Posted on 8/17/10 at 6:11 am to LSUZouave
this isn't by any means fool proof but it gives you an idea of what is selling and the sales price.
LINK
The other person who commented is correct about the distance, its typically a 1 mile radius but the appraisers prefer homes in the same neighborhood. Also if it's possible they only like to look back 3 months for comps.
LINK
The other person who commented is correct about the distance, its typically a 1 mile radius but the appraisers prefer homes in the same neighborhood. Also if it's possible they only like to look back 3 months for comps.
Posted on 8/17/10 at 10:56 am to LSUZouave
they certainly could, although I am not sure if they would. largely depends on the appraiser and the decisions he or she will make.
that being said, conditions of sale (like foreclosure) usually results in an adjustment anyway
that being said, conditions of sale (like foreclosure) usually results in an adjustment anyway
Posted on 8/18/10 at 9:13 pm to Shankopotomus
quote:
a new law now restricts the distance comps may be used- basically they try to keep them in the same subdivison
No such thing nerd brain'
The most similar recent, nearby sales must be used. If they are Reo'S then they must be analyzed. In a poor market, current offerings carry significant weight based on the principle of substitution. ( Can ya buy the same house next door for less)
Posted on 8/18/10 at 9:35 pm to LSUZouave
Just curious...why purchase an appraisal as a seller? Can't you just look at comps in your area to determine a reasonable asking price? Isn't that what an appraiser is going to do anyway?
Posted on 8/18/10 at 10:16 pm to The_Pistol
I know banks around my area require a mandatory appraisal in order to issue a loan on a home or business. The banks in my area have always operated in this manner. Also, they will pick who does the appraisal which raises the obvious questions? Im just a poor poor poor country boy so things might run different in them cities. The only corporate bank im town is Hancock. Which is where I bank.
Posted on 8/19/10 at 8:04 am to Interception
Yeah. I'm familiar with that. Before the bank gives you the money to purchase, they want to make sure the house is worth the amount they're doling out. That's standard procedure.
What doesn't make sense is why somebody would be getting an appraisal prior to putting it on the market to sell. That is unless they really have no idea how to place a value on their home.
What doesn't make sense is why somebody would be getting an appraisal prior to putting it on the market to sell. That is unless they really have no idea how to place a value on their home.
Page 1 of 1
Popular
Back to top
Follow TigerDroppings for LSU Football News