Replies to This Discussion

Permalink Reply by Wendy Rulnick on August 21, 2009 at 8:46am

Hi - Curious how the FMV could be higher than the three comps, unless you are throwing them out because they are foreclosures? In my market around Destin, Florida, a foreclosure and short sale will not be that different price-wise. I would not rely on tax rolls, as I find no basis in accuracy, only for taxing purposes. I do not know what you mean by threshold analysis. FMV seems like it should be less than 150K

Permalink Reply by Stephanie Lim on August 21, 2009 at 8:54am

Where are you getting your FMV number? What things are selling for is FMV. What does the competition look like? How many non-distressed properties have sold there in the past few months? In our area you have to use distressed property in your comps because there are so many and they have become the market. What is the status of the loan? That also might determine your aggressiveness in the initial pricing. You have to be able defend your contract price once you send a contract into the bank.

Tax assessment numbers are irrelevant.

Hope this helps! :-)

Permalink Reply by MeLisa Minter on August 21, 2009 at 1:16pm

Got it. I meant the tax roll value, not FMV.

So when they say list at Market Value, that basically means list for what things are selling for, ibased on CMAs, including distressed properties?

Wendy Rulnick said:

Hi - Curious how the FMV could be higher than the three comps, unless you are throwing them out because they are foreclosures? In my market around Destin, Florida, a foreclosure and short sale will not be that different price-wise. I would not rely on tax rolls, as I find no basis in accuracy, only for taxing purposes. I do not know what you mean by threshold analysis. FMV seems like it should be less than 150K

Permalink Reply by Mori Langshaw Sr on September 6, 2009 at 10:34am

Absolutely!!!

MeLisa Minter said:

Got it. I meant the tax roll value, not FMV.

So when they say list at Market Value, that basically means list for what things are selling for, ibased on CMAs, including distressed properties?

Wendy Rulnick said:

Hi - Curious how the FMV could be higher than the three comps, unless you are throwing them out because they are foreclosures? In my market around Destin, Florida, a foreclosure and short sale will not be that different price-wise. I would not rely on tax rolls, as I find no basis in accuracy, only for taxing purposes. I do not know what you mean by threshold analysis. FMV seems like it should be less than 150K