Foreclosures in neighborhood hurt your home's value

A Bradenton couple recently found a buyer willing to pay $137,000 for their home. But the deal fell apart when the appraised value came in 12 percent lower - at $120,000. Ouch! It's a painful scene playing out all over the Tampa Bay area. In Riverview, a homebuyer agreed to pay $162,000, but the appraisal came back at $150,000. A Trinity homeowner had a contract to sell for $207,000 - 6 percent more than the appraisal of $195,000. All of these homes appraised for less than the amount a buyer was willing to pay because of one thing: too many foreclosures and distressed sales in the neighborhood, said David Teacher, who was hired to appraise the homes by the buyers' lenders.

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