Foreclosures Weigh on Home Appraisals

Approximately 25 percent of real estate practitioners say low appraisals have broken up deals, according to the NATIONAL ASSOCIATION OF REALTORS®. While foreclosed properties typically are not included in a comparable sales analysis, they account for about 40 percent of home sales -- more than 50 percent in some markets -- making it difficult for appraisers to value properties not in the foreclosure process. Additionally, new industry rules that require mortgage lenders to order appraisals through in-house staff or appraisal management companies means more appraisers without knowledge of the local market are making valuations.

Click here to enter the Tampa Realtors MLS (updated daily)
Register to receive an email every morning of today's new listings
Visit my website or contact me by email