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Are Short Sales Good Comparable Sales to Use in Appraisals?

Submitted by mike@screaltors.org on November 18, 2011 - 12:22pm
in
Are Short Sales Good Comparable Sales to Use in Appraisals?

At recent NAR meetings, professionals discussed issues with using short sales as comparable sales.
Because many aspects of the short sale are not public record, an appraiser has a difficult time determining how to adjust the short sale when used as a comparable property.  

Because a short sale is not a simple willing buyer and willing seller transaction, adjustments to the price should be made if used as a comparable sale.

Lease Option, Rent to Own, Bond for Title, Lease Purchase, Land Contract, etc.

Submitted by mike@screaltors.org on June 28, 2011 - 12:11pm

Recently, SCR has received numerous calls inquiring about "rent to own" transactions which go by many different names.

If your customer or client is interested in a "rent to own" transaction, you should refer them to their attorney who can counsel them on the pro's and con's as well as draft the documents.

While "rent to own" may fit certain customers' and clients' needs instead of a purchase money loan, there are significant issues for all involved.

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