Appraisals and CMAs
Appraisals are primarily used to protect the lender’s interest in the property. Just like lenders can be hesitant to issue a mortgage to credit-risky borrowers, they don’t like to underwrite properties for more than they’re worth. Appraisals also are used when other factors have made it difficult to assess your property’s value, such as a lack of real estate activity in your area.
Courtesty of foreclosureradar.com, here’s how the foreclosure process works in California. If you would like more information on foreclosures in your area, please give me a call! (805) 339-3591.
I tour A LOT of homes! I preview for my clients, I go on broker caravan each week, I spend hours and hours on the computer looking at numerous databases and websites, I run reports on foreclosures, notice of defaults, and local commercial inventory. I look at trends of new listings versus sales, standard sales versus short sales, days on market versus cumulative days on market and I study individual neighborhoods around the area.