Are Foreclosed Homes Sales Prices Used In Comparative Market Analysis? If So, Doesn’t This Impact Appraisals?
Shouldn’t foreclosed homes sales price be either held out or weighed up in order to get an accurate worth of a domestic?
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As a domestic owner, I believe foreclosure values should not be included.
But, as someone who is too trying to purchase an investment property, I reckon it’s reasonable to take those prices into consideration.
I clarify beyond my personal opinion, and I am certain others will agree:
Whether homes are foreclosing, they do not foreclose beyond their genuine worth. Some reasons for that are:
a. banks who own the homes will not let the worth drop beyond a certain point
b. Poeple who own homes at a reasonable price will not foreclose
It’s fair a simple way of explaining how the genuine releasemarket works without getting into the dirty details, and I mean it when I say dirty details (i.e. the government, the financial institutions, the realtors, and us, the helpless, not so financially well educated,citizens of this country)