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Old 09-12-2010, 07:30 PM
 
Location: Charlotte, NC
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Yep. Wells already did that in Chicago....
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Old 09-12-2010, 07:55 PM
 
Location: Union County, NC
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Remember that an appraisal is an opinion of value at a specific point in time. If you are in a neighborhood where many of the last sales were foreclosures they would need to be used as these sales clearly would affect the market value of that home. Think of it from the bank's perspective -- if they are lending money to finance the purchase and for some reason they end up owning the home in the future they need to protect their investment. And as a buyer, you would also want to make sure you are protected as well.
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Old 09-12-2010, 08:07 PM
 
Location: Up above the world so high!
45,270 posts, read 88,327,988 times
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Quote:
Originally Posted by lumbollo View Post
In July in the Charlotte area there were:
  • 1957 foreclosures
  • 1968 home sales


So in other words, for every house that actually sells in this area, another is being foreclosed on. I'd say this will destroy the existed comps.

It gets worse. BofA and Wells Fargo, working with the Obama administration (handouts) has agreed to allow some foreclosed homes to be made available to non-profits before they go onto the market. This means the homes could have an new demographic moving in.
This is why more than ever the advice "location, location, location" matters so much.

There are neighborhoods not seeing a lot of foreclosures. The key would be to hire a good realtor who knows those areas so you can buy into the most stable situation possible.
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Old 09-12-2010, 10:44 PM
 
469 posts, read 876,480 times
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Quote:
Originally Posted by lumbollo View Post
It gets worse. BofA and Wells Fargo, working with the Obama administration (handouts) has agreed to allow some foreclosed homes to be made available to non-profits before they go onto the market. This means the homes could have an new demographic moving in.
Which demographic? 3-breasted green-skinned Venusians?
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Old 09-13-2010, 06:50 AM
 
4,010 posts, read 8,926,873 times
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Quote:
Originally Posted by Oldsmobile View Post
Which demographic? 3-breasted green-skinned Venusians?
The demographic that requires the taxpayers to provide a living for them.
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