It's a concern for everyone who chooses to sell their house or condo - how does the neighbors foreclosure or short sale affect my price and my chance to sell?
Appraisers need to look at the most recent sales - in the last 12 months. When there are multiple distressed sales, with lower prices, this is taken into consideration. The appraiser also must look at the condition of the property. In many cases the distressed sale is also not in the more desireable condition and will require significant work before it can be occupied.
If legislation like what is proposed below can do into effect, what will the outcome be?
http://chicagoagentmagazine.com/four-states-consider-legislation-barring-distressed-sales-as-comparables/?sms_ss=email&at_xt=4d9a16c5c3f99543%2C0
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