Brian K. Reese

Appraisal sites have gained popularity with the rise in technology and society’s ability to rely on it.  But, are the appraisals that these computers give you accurate?  When your home is assigned a value, without someone actually looking at it, and a window of $20,000-$40,000 on either side of the value given, can you actually rely on this estimate?

Although Zillow.com doesn’t claim to give entirely accurate appraisals, appraisers and agents continue to look at these sites negatively.  The sources can be acceptable for homes that are in average condition and have no upgrades, but anything other than this specific category cannot rely on these databases.  One homeowner in this situation got three values from $99,000-$217,000.

The one thing that agents seem to appreciate from these sites is the education of clients.  People gain more and more information from sites such as these and they acquire a more realistic view of the market.  But, this can prove difficult as well, since, on average, Zillow tends to be 20% over actual values, creating a distorted view.

Ocean City, NJ

Unfortunately, many homeowners are in debt trouble due to the recent rash of exotic mortgages and tougher economies. Defaults and foreclosures are still spiking in many areas of the country, and many trying to navigate through short sales, auctions, creditor negotiations, and more.   Navigating through a short sale, foreclosure, bankruptcy, creditor negotiations, or asset division, is difficult and the need for a solid estimate of value is absolutely necessary. One main reason is because of property, “flopping.” That’s right you’ve heard of flipping, but the hottest new word jargon in real estate is  “flopping.” Flopping occurs when parties to a short sale or attempted debt-reduction loan modification collude to deflate the value of the collateral of property. Many agents will work with an investor to create a low ball broker price opinion by concealing higher offers from Sellers lender and putting a lowball price in the multiple listing service or by marketing the property in the MLS is being under contract when in reality it’s only under an option purchase contract which gives the investor and exclusive rights to buy the home for a year at a specific price. Flopping really is a form of flipping for profit that involves a real estate agent engaged in the listing process who directly or indirectly purchases the property for less than market value in order to make a quick sale to someone for profit.

With our expert knowledge of the challenging Real Estate climate, we know how to help you with your unique needs and protect your best interests. We’re focused on providing you with the most personal attention and best service available. When you’re ready to place an appraisal order pertaining to any aspect of the Residential or Commercial markets, Reese Valuations is the place to turn. You need the advice of a specialist!  ·  The Internet is a great place to find information. But it can’t provide the in depth local knowledge of the market that we can. The challenges of the real estate industry are getting more complex every day. You need a professional that is on top of the market and is well educated. As an expert I am constantly researching the market and analyzing sales prices so we can serve you with the latest and most accurate information. As an investor you need to know the ins and outs of this market and what to look for. A proper analysis can make all the difference in the world. At Reese Valuations, we’d be honored for the chance to help you.

Click on Reese Valuation’s at the link on the left side of the page.

Ocean City, NJ