Saturday, May 15, 2010

Appraisals and home values in today's economy

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I was reading my weekly MarketWatch and had a JOLT. An article on how to negotiate the appraisel value of your home. Now granted the author was speaking in terms of LEGITIMATE fair value when you know an appraisal has been lowballed. But, in this day and age, when we are still seeing huge numbers of foreclosures, it seems as if we learned nothing from the housing bubble burst. IN the past two years, seeing first hand the results of overinflated appraisals, makes one leary of information that instructs people to ignore the lessons learned.

Here is a snippet of the article and read also the comments on the article itself. People are responding in a way they would not have 3 years ago. I personally think the advice is great when used correctly.

Amy Hoak's Home Economics

Amy Hoak

May 10, 2010, 11:06 a.m. EDT · Recommend (3) ·

How to fight back against a low home appraisal

Check for mistakes, contest inaccurate valuations

By Amy Hoak, MarketWatch

CHICAGO (MarketWatch) -- A low appraisal can kill a home sale.

"It's one of the more common reasons that transactions fall apart these days," said Tara-Nicholle Nelson, consumer educator for, a real-estate website, and a real-estate broker and attorney in the San Francisco area.

In a normal market, when an appraisal is lower than expected, it's up to the buyer and seller to cooperate -- whether that means the buyer needs to put more cash into the deal or the seller needs to >>>>>KEEP READING and add your comments

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