Editor’s Note: Appraising in a real estate collapse poses its problems. Seasoned appraiser Matt Cook, provides some guidance. Using Distressed Sales By Matt Cook If you’re having trouble appraising in a market where distressed properties dominate, you’re not alone. Recently, an appraiser stated in a post that the market for a particular residential assignment included…
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Editor’s Note: In this installment of Valuation Issues and Answers, Lifflander, ASA,explains how to handle foreclosures and short sales when choosing comparables. Valuation Issues & Answers Foreclosures & Short Sales as Comps By John Lifflander, ASA Question: Please explain the difference between an actual foreclosure sale and a short sale. Should short sales be used…
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When sales activity has diminished, as is the case in today’s market, appraisers have a much smaller pool of comparable transactions available to them. Such times require that appraisers give greater scrutiny to transactions that have traditionally been discarded.
Here’s why and how appraisers are reconsidering foreclosures, short sales and listings in an upside down market.
Foreclosures
A…
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You can have the latest map program, aerials and any other special effects to make your report look as attractive and professional as possible but if you choose the wrong comparables, your result will be the worst appraisal report possible. This article shows the best way to choose comps, especially when sales of properties are…
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