Colli Real Estate

After a foreclosure home be used as a model for a VA appraiser?

We had a VA appraiser evaluate the house to buy. One of the compositions he used was a bank Forclosure auction house that conducted the evaluation of prices downward. Can use home foreclosure as one of the compositions. The prices dropped about $ 18,000 of the agreement on the price and the difference of $ 30,000 to an evaluation carried out in August.

Technically, can be used, but the factors that influenced the purchase price should have been considered by the evaluator. If your story is accurate, the sale may have been lower than the value market and if so, should have been amended accordingly. The specific type of adjustment is called "conditions of sale." This type of adjustment reflects the motivations of non-buyers or sellers market. Terms of sale is considered that the market where the properties are well exposed in the market for a reasonable period of time when transactions are at arm's length in nature, and when there are unusual circumstances or special incentives. If seized property has not been properly exposed on the market (short time to market, the bank sold "to remove his books" rather than a market price, etc.), then it may have been a good sale use or at least should have been adjusted accordingly. If the bank had owned the property for some time been established in the market and yet can sell, then the new prices that have helped provide a market value of $ 18,000 less than it might have been market. This should have been discovered by the assessor in the confirmation process (contact the listing agent for the Bank). A simple call to the evaluator could clarify this, if not included in the comments section of the report. Note that the evaluator is not legally entitled or required to speak with you about the assessment (the customer is the bank) but many residential reviewers can do to fix things (be nice when you call).

5928 MADISON DR – The Colony, TX

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