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Valley homeowners run into appraisal trouble when selling

“I’ll never forget the call that I got from my realtor. She said we’ve got a problem.”

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AZHunter - 7/4/2009 9:44 AM
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Roddy1: Homes are subject to what the economy is doing. If homes comparable to yours are being sold in a neighborhood for $30,000 then that is what your home is worth. It's Economics 101 and it's called the law of supply and demand. Now's the time to buy those $30,000 dollar homes and wait for the market to turn around. It won't take much to make a killing.....that's is as long as we don't have to deal the Obama's Cap and Trade crap.
AZHunter - 7/4/2009 9:41 AM
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Edsrealm: First, Bush didn't screw up the economy....particularly the real estate industry. Second, you can thank people like Jimmy Carter, Bush41, Clinton, Barney Frank and Chistoper Dodd for the Community Reinvestment Act. Third, Christown has been a rundown part of Phoenix since the early 90's.
edsrealm - 7/3/2009 5:25 PM
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I live in the Christown Mall area. Dispite all the new businesses AND the light rail our home came in so under the $132,000 we needed it to be. It was "appraised" @ $122,000. This economy S----! Bush screwed up royally. Obama don't know squat. Not to mention Phil Gordon, there's an even bigger joke. This is B S. Fix it before all H--- brakes loose.
roddy1 - 7/3/2009 3:16 PM
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The appraisals that are coming in now are erroneous. The foreclosures are driving down the appraisal values by as much as forty percent! A year ago I got an appraisal on a home for $125,000. Now it is appraising for $70,000 because of the foreclosures in the area that are selling for $30,000 by the banks! Ridiculous!
trucker - 7/3/2009 2:30 PM
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So the buyer is just going to come up with $33,000 out of pocket? Just wait 'til this cap & trade bill goes through, you won't be able to sell anything, without replacing all the windows & doors. If the appliances don't meet new energy standards, they will have to be gotten rid of or replaced also. One Big A** Mistake America.

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