Question: I have been performing a lot of exterior drive-by appraisals for REOs and pre-foreclosure purposes. The intended use is not for any type of financial transaction but for estimating market value purposes only. What is the level of risk for these types of appraisals compared to purchases and refis? Typically these appraisals are for…
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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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