Can you still snag a deal on foreclosures and short sales? From 2008 to 2012, many of my closings were foreclosures or short sales.
More recently, only 5% to 10% of transactions include foreclosed homes. Most foreclosed properties need repairs, and many buyers don't want to deal with them. Other properties have been repaired by banks. These specific properties are priced correctly for the market, so buyers can't get as much of a deal on those properties.
Deals are still out there, but those properties may be in remote or undesirable locations. Ultimately, foreclosures and short sales are not as popular today comparatively. Most deals are gone.
If you have any questions, please give me a call or send me an email. I would be happy to help you!
When a loan is involved, the appraiser is chosen randomly from a pool. When an appraisal is turned in, it goes through an audit process with a management company. In theory, appraisers are supposed to be unbiased.
There are two kinds of appraisals: refinance and purchase. A refinance appraisal doesn’t account for the value you want, but a purchase appraisal requires a look at the purchase agreement.
These days, in either case, an appraiser is not afraid to appraise your home short. That’s why it’s important to understand the steps an appraiser takes. Here is what an appraiser actually does:
1. Inspects the property. Take measurements and photographs of your property.
2. Compares similar homes. An appraiser looks at similar properties to determine the valueof yours.
3. Makes adjustments to:
Date of sale time
Location
Site
View
Design
Construction quality
Condition age
Square footage
And more
When you work with my team, we have banking experience and knowledge of how the appraisal process works. Don’t find yourself in a contract that won’t appraise! We can help you save time and money.
