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New Guidelines Needed for Appraising Distressed Properties
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| Submitted by: | Johanna Smith (tankclyde@yahoo.com) 7/1/2009 9:19:22 AM PT |
| Location: | Clements, California |
| Occupation: | Project Coordinator for Custom Home Builder |
As a custom home builder; large or small, it doesn't matter, we have lost our client base due to the fact noted in your article. The land values and the comps are so low no one can get a loan on the value of a newly constructed home on property they purchased at least 5 years ago. We are in the San Joaquin Valley of California and construction of new homes has completely stagnated. We can not compete in any sense with an existing foreclosed property of which there are thousands right now. We understand the need to re evaluate the value of land, but pushing it so far down that people owe 3x what it is worth on todays' market isn't helping in any way.Stagnant water.
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