California real estate investor Bruce Norris renovated a three-bedroom home in the Riverside-San Bernardino metropolitan area in January and found two buyers willing to pay $165,000. An appraiser put the value 15 percent lower. The prospective purchasers walked away and now he’s renting the house instead. Low appraisals that lead to a sale reduce comparable prices in a neighborhood and make it \”impossible for another group of people to refinance,\” Norris said.
Home-Price Recovery May Be Undermined by Appraisals
Norris Bruce
Bruce Norris is an active investor, hard money lender, and real estate educator with over 30 years experience. Bruce has been involved in over 2,000 real estate transactions as a buyer, seller, builder and money partner.
- The Norris Group
- Phone: (951) 780-5856
- Fax: (951) 780-9827
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1845 Chicago Avenue, Ste C,
Riverside, CA 92507