APPRAISAL ISSUES

We are suffering through one of the worst depreciation eras since the depression here in the Phoenix market. Currently, there are three different types of sales: traditional sale, short sale, and foreclosures. What all 3 types of properties have in common is if the property is purchased with a buyer who is obtaining a loan, the loan must appraise for the value of the home. Appraisers are going to use the following criteria to suggest price.

1) 3 actives and 3 sold properties with similar square footage
2) Properities that are in close proximity beginning with subdivision then going outside of subdivision.
3) Properties that have been sold within the last 6 months.

The beauty of real estate is that as a seller you can list your home for whatever you would like. However, when listing a property and accepting offers, the seller must recognize appraised value. If the property does not appraise, the seller must be willing to lower the price or no deal or the buyer must be willing to come up with difference in cash. As a Phoenix short sale realtor, I must be on top of appraisal values. Register and I will appraise your home for you.

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People & Blogs

Tags:

• SHORT
• SALE
• SPECIALIST

[RickSlickCHI]

I put a offer on a short sell but the appraisal came back 4000 lesser. Should I offer Less than 4000 or go lesser. The house is banked owned.