Mony owed after short sale

[LLLL98]

Originally Posted by TristansMommy

County appraisals are ALWAYS way off.. the reasons is because there is some guy behind a desk that pushes paper that is valueing your home without ever setting foot in it and comparing one to another..

My home is now appraised HIGHER than the actual market appraisal and what it will sell for.. and that is a selling point. Because when the people buy the house they grieve the taxes and use their HUD to prove it's market value.. property taxes will decresae.

The property appraiser in my county actually lists the recent sales in any given subdivision, so it is helpful in comparing the selling price w/ the county appraisal price, usually the county appraisal was higher than the selling price, which doesn't surprise me, it benefits them to put a higher value for tax purposes.
I just hope I can find a house that has a realistic asking price that the bank will accept, if not, I guess I'll just wait a little longer, prices will continue to drop, so the banks will have to budge somewhat.
Thanks for your info.

[brokerdave]

sales from foreclosures and short sales are not allowed to be comparable properties because they are distressed

[olecapt]

Originally Posted by brokerdave

sales from foreclosures and short sales are not allowed to be comparable properties because they are distressed

Who told you that? Appraisers routinel use distressed properties when they are a significant portion of the populations.

Consider in Las Vegas 75% of the sales are distressed. In some areas there is nothing but.

[LLLL98]

Originally Posted by brokerdave

sales from foreclosures and short sales are not allowed to be comparable properties because they are distressed

Yes, our property appraiser has that helpful little note in big red letters. The problem is that there is virtually nothing but shortsales and foreclosures to compare anything with since early 2007. They claim we must use sales that took place in "typical market conditions", I guess that means the housing boom in 2004-2006 where property values where highly overinflated.

[bentlebee]

Originally Posted by brokerdave

sales from foreclosures and short sales are not allowed to be comparable properties because they are distressed

Tell that to the appraiser from BoA. I saw a lady making pictures of my house and asked her who she was and why the pics. She explained she was an appraiser for BoA and told she would take pending sales, closed sales and listed properties. I told her we just had closed (2 days before) and it was a short sale...and she told me that had nothing to do with the apparaisel, neither did she care that the actual price was even higher since the owner got a judgment and my amount + judgment made a very reasonable sales price, but she told that wasn't taken in consideration.

[brokerdave]

well either way distressed properties are not current market value comparable as per federal regulation. they may use prospective market value, but i dont know how the adjustments would be applied in a declining market.