My house is worth WHAT?!

[Downtown diva]

The fact that they're using foreclosures for comps is absolutely ridiculous. You can't compare a nice house to something someone either walked away from or was kicked out of. For example, there's a house across the street from mine that is a bank short-sale for $2,000. Why? Because the jackass took everything out of the house from the furnace to the kitchen cabinets. Now, I paid more than $100,000 for mine three years ago [[I bought two years too soon), and if I were to sell, that'd hurt me. But you can't compare my house with the stripped one. They're on the same block, but they're not in the same league.
Two coworkers of mine bought a house on the Boulevard north of Vernor for $20,000 a couple of years ago. A steal. They sank $15,000 into fixing it up [[A/C, alarm system, finished the attic into living space, etc., etc.). They tried for more than a year to sell it at $80,000. No dice. They get a buyer two weeks ago who offers $65,000 on it. The comps come back at $18,000 because two houses in whatever radius they use were foreclosures that sold around $13,000.
That's down right criminal.

that is not a short sale, BOD.

WHat you are talking about is a foreclosure....

Short Sale = A sale of a house in which the proceeds fall short of what the owner still owes on the mortgage. Many lenders will agree to accept the proceeds of a short sale and forgive the rest of what is owed on the mortgage when the owner cannot make the mortgage payments. By accepting a short sale, the lender can avoid a lengthy and costly foreclosure, and the owner is able to pay off the loan for less than what he owes. See also deed in lieu [[of foreclosure).