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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Danger in the Details Posted by SeanW on May 03, 2003 at 7:02 AM In Reply to: More comps and confustion... posted by 2nd Fred on May 02, 2003 at 10:53 PM I've been keeping an eye on the chatter on AppraisersForum.com, and one of the common things they talk about is "How to find legitimate comps?" We definately seem to be headed into the tail-end of an overheated market. Prices have become unrealistically distorted, with so much seller financed sleight-of-hand... and mortgage-co "hired gun" appraisers fudging the numbers... that even the legitimate appraisers themselves don't trust MLS or tax data outright. Appraisers are finding houses now that can't be appraised for what people paid 2 years ago, (now that the owners are attempting to re-fi) and that's pissing off the owners owners and lenders bigtime, while the RE agents have long taken their 6%, and split! One generality I've picked up is that the assessor data is more likely to be correct on square footage. It will usually be the same, or a little lower than MLS footage, b/c some houses have unpermitted garage/attic conversions (which RE agents will count in the MLS), or just because agents will do things like count uncovered patios as living space... or "round up", or hell-- just make something up. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : I've been keeping an eye on the chatter on AppraisersForum.com, and one of the common things they talk about is "How to find legitimate comps?" We definately seem to be headed into the tail-end of an overheated market. : Prices have become unrealistically distorted, with so much seller financed sleight-of-hand... and mortgage-co "hired gun" appraisers fudging the numbers... that even the legitimate appraisers themselves don't trust MLS or tax data outright. Appraisers are finding houses now that can't be appraised for what people paid 2 years ago, (now that the owners are attempting to re-fi) and that's pissing off the owners owners and lenders bigtime, while the RE agents have long taken their 6%, and split! : One generality I've picked up is that the assessor data is more likely to be correct on square footage. It will usually be the same, or a little lower than MLS footage, b/c some houses have unpermitted garage/attic conversions (which RE agents will count in the MLS), or just because agents will do things like count uncovered patios as living space... or "round up", or hell-- just make something up. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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