Finding Comps in Foreclosures and Short Sales
It looks like a move to prohibit the use of short sales and foreclosures as comps has been tossed aside. Four states were seeking to keep those values from affecting their markets. Illinois, Maryland, Missouri and Nevada have failed to get this issue approved; two bills missed the procedural deadline, one was amended and another withdrawn by its sponsor.
The glitch is that the USPAP states appraisers must "analyze such comparables as available" including short sales and foreclosures. Do you think this should be amended to reflect the current market crisis?