With the recent real
estate crisis, foreclosures and short sales have become hot topics in the real estate
industry. Many real estate professionals are bound to encounter properties going
through a foreclosure or short sale. Foreclosures & Short Sales: Dilemmas and
Solutions provides students with the necessary background information to understand
why foreclosures and short sales have become more prevalent in most markets. This
course describes how predatory lending and fraud schemes lead to a more volatile
market.This class also gives students the opportunity to walk through the steps
appraisers take to determine a value range for a foreclosed property by looking at
and analyzing available comparables and market data. “As-is” value, “as repaired”
value, and other approaches to value that are often used when appraising foreclosed
or short sale properties are also discussed. Also covered are the appraisal report
forms and documents that you need to be most familiar with, especially when dealing
with foreclosure and short sale properties. New legislation and regulations that were
developed in response to the real estate crisis are discussed, as well as future concerns
for appraisers.