Appraisals Continue To Devalue Devalued Properties
This Q&A from MarketWatch talks about changing appraisal standards and using short sales and foreclosures as comparables. This is a big issue and the title of this post is exactly what has been happening.
I see this day in and day out since most of my business is in the Fort Lauderdale, Florida area and we have been hit so hard by the housing bubble. Appraisers just aren’t able to give the adjustments that are deserved for the condition of the property. It’s not because of the appraiser and you could even argue it’s not the banks doing but it is due to the secondary market. I really don’t care who is to blame but they need to change it especially since if you are a normal seller, not a distressed sale, you won’t get what you should for your property.