Distress Sales May Cost you Thousands!

 Many states are considering allowing appraisers to use distress sales to be used to establish home values.

 Residential appraisals may include distress sales as comparables as a normal practice. This could have a major effect on lowering home values and could cost home owners thousands.

Many State are considering allowing  Appraisers to use distress sales as comparables this practice is often viewed as inappropriate because such sales are unusual and do not represent the standard market.

Because of the high number of distressed sales in many communities this may become an everyday practice.

I know that this could have a major effect with Asheville Real Estate Values and should not be allowed. I believe that there are many communities that homes could be used outside of the neighborhood that match the home being compared. It would just take more research by the Appraiser to find those homes that have the same features.

 I believe this would be a better means of establishing value than using distressed homes.