Laserfiche WebLink
South Bend Redevelopment Commission <br />Regular Meeting -January 15, 2010 <br />relocation costs. The house and garage at <br />this property are very full, and this amount is <br />less than if a mover were hired to pack, <br />move, and unpack its contents. <br />Commissioners were surprised at the <br />discrepancy between appraisals. Mr. Relos <br />noted that there is also great discrepancy <br />between the appraisals and assessed values, <br />supposedly reflective of the market. <br />Ms. King questioned why we do appraisals, <br />which are supposed to be based on <br />comparative analysis, independent and <br />unbiased, then accept a price based on <br />analysis by a licensed realtor. <br />Mr. Relos noted that for all of the homes that <br />we are trying to buy in that area, the <br />mortgages are upside down. <br />Mr. Downes asked if there is a time crunch to <br />close on this purchase. There is not. <br />Mr. Varner asked if the Commission has a <br />policy addressing how we deal with <br />purchasing a property that is upside down on <br />its mortgage. Mr. Inks said they do not. But <br />in the Airport Economic Development Area <br />the Commission does not have use of <br />eminent domain. It relies on the willingness <br />of the seller to sell. Staff always tries to <br />negotiate the best purchase price. They are <br />sometimes dissatisfied with the best price <br />they can get. <br />This offer does beg the question of why our <br />appraisers' values are so much different than <br />the realtor's. It is staff responsibility to <br />review the work of its appraisers and make <br />sure we are comfortable with it. We can't <br />explain the difference, but to convince <br />27 <br />