SUBDIVISION APPRAISAL, VANCOUVER, WA
I looked at a house in a Sifton area sub division. The subdivision came on line in the beginning of 2005. There are about 150 houses in it. I wanted to see what amount of “bank owned,” “foreclosure” activity and “short sale” activity was there. I keep getting requests from lenders to tell more about this part of the market.
In the subdivision I reviewed there were ten MLS listed sales in the last six months. Two of the sales were normal, one being and FHA and one conventional financing. One of the sales was a relocation sale. Seven of the sales were either bank owned, foreclosure or a short sale.
I was in to the RMLS office today. I wanted to find out how to handle the research I do so that I get the real numbers, rather than something that was altered inadvertently or otherwise. The comment in the RMLS office was that “you are dealing with personalities. All the data in the listings is put in by Realtors.”
When I went through the MLS data and compared it to the county records I found that of the seven listings that were bank owned, foreclosures of short sales, five of them were not listed that way by the Realtor. It took some digging to find out what really happened. This kind of research can be done on each appraisal project, but not for the common appraisal fee.
What I would like is always be able to analyze the difference between the conventional/cash sales and the distressed type sales. But, that is very difficult given that (by this analysis) five out of seven Realtors don’t report the “what’s so” about the what’s so in the listing. The RMLS office said that some Realtors feel that reporting what is happening when a property goes into foreclosure is a bad idea.
Anybody have an idea of how to easily develop clean data on this topic??
It would be great if the County tracked the notices of trustee sales by address, but they don’t. All you can do, if you’d like to track them geographically, is get all the notices and look up the addresses on each one.
Pacific West Appraisal Services, Inc.
pwas.net
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