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Appraisal Dilemma: What is Comparable in Today's Market?
July 21, 2009 - Sylvia Heldreth
We're hearing a great deal lately about the decline in property values. Appraisers, mindful of doing a professional and accurate job, have been including short sales and foreclosed properties in the comparable valuations. Some sellers are yelling "Foul!" They argue that the property of someone who couldn't pay their mortgage for whatever reason and who had to sell at a below market price, should not be included in comparables. Others argue that these selling prices are a reality of the marketplace.
What do you think?
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