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What’s It Really Worth?

Wow! That’s all I’ve got to say.

Yesterday I went met an appraiser at a house in Kalamazoo Michigan. The owners are trying to sell it. They owe $93,000. 2 years ago it appraised for $127,000.

What do you think the appraiser said it was worth yesterday? Same house, no major damage, no changes in the neighborhood?

$53,000!

Like I said – WOW!

How does that happen? When I tell people on the phone that refinance appraisals are ALWAYS incredibly over valued, I really mean it. This is a prime example. The bank wants to lend as much money as they can.

All is fine if the owners are planning on staying in the house a long time. But, when something happens and they can’t afford it any more, and want out, what happens? They can’t sell it and need a Short Sale to stop the foreclosure. Well, now our “Bank Bully” is working on discounting the debt from $93,000 to a point where it could be sold. This is what we do! Will the bank go for it? We’ll see.

Emily

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