Young Real Estate Investor | Info

Every month real estate foreclosures seem to either break a record or come very close. Foreclosures in the United States have become a very large problem for home sellers and more generally neighborhoods. Not only do they detract from the appearance of the block, but when on the market, they often sell for 20% to 30% less than similar homes not in foreclosure.

Appraisal Issue

Foreclosure sales are recorded like any other sale, so when appraiser pull up comparable properties, they automatically incorporate these depressed sales into their market value calculations. For sellers, that means most home appraisals in areas with an above average amount of foreclosures will reflect a lower market value.

To further exacerbate this problem, consider the fact that appraisals are backward looking. Appraisers rely on sales over the past six months to a year to value properties today. That means that the market could be getting better today, but homeowners will still have to contend with the depressed home sales from six months to a year ago.

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