Real Estate & Home

A Bank Lent $3.85 Million on a Home Falling Into the Ocean-How Did It Happen?

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A homeowner in Wellfleet, Massachusetts secured a $3.85 million mortgage for a house perched above Cape Cod Bay despite well-documented erosion risks that could make it collapse into the ocean within years. This case highlights how current appraisal practices may overlook long-term environmental hazards when appraisals focus on immediate market value and buyer demand rather than a property's life expectancy.

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