Will the Shadow Inventory Ever Come to Light?

via kcmblog.com

Interesting blog post about what is going on with foreclosures.

Posted via email from New Hampshire Home

Unheard of...

Yesterday, I learned from my buyers' lender at Bank of America that the appraisal for the home that they have under agreement came in almost 100K below the contract sales price.  Now, I have heard of appraisals coming in lower than the contract price, but never this much lower.  Obviously, this is a problem. 

We have begun the necessary steps to have the appraisal reviewed but my main concern is that the appraiser is from Lowell MA and although licensed in NH, I would be willing to bet that he rarely (if ever) does appraisal work in Exeter NH.  The comparables that he used in the appraisal weren't even close to the subject in quality, size or location.  The key word here is location because the property that my buyers want to buy is located in that "magic" Phillips Exeter Academy radius making it very desirable and good also for re-sale down the road.  Probably, we should have been tipped off when the first words out of his mouth when he entered the property were, "Is this an REO or short sale?"

Hopefully, we will be able to resolve this issue between having the appraisal reviewed and perhaps having to renegotiate the purchase price.  We shall see.

 

 

Posted via email from New Hampshire Home

327 Margaret Street Key West FL

     I have had my eye on this 4 unit property on Margaret Street in Key West for some time now.  It has been on the market at least since last November when I viewed it with my Key West agent, Suzanne Washburn of Coldwell Banker Schmitt.  Back then the price was $729,000, which I felt was much too high.  Recently, the seller dropped the price to $499K and subsequently, the property went under contract.  Fortunately, for me, not for the seller, it came back on the market when inspection issues caused the deal to go south. 

 

     I love the location of this property and feel strongly that now it is priced correctly and is a good value somewhere between 400K and 500K.  I only hope that it will still be available for me to purchase when I can get my NH home under agreement.

Posted via email from New Hampshire Home