Would you document the condition of nearby foreclosure?
Ours is a semi-rural neighborhood, built mostly in the 1970s-80s on 3-5 acre lots. Usual prices are 190K - 300K with a few upper outliers for newer, larger homes. We have been relatively unscathed in the housing downturn. But now a foreclosure has hit the market for $89,900. From the looks of the place, I'm thinking it was someone who was there a long time and became disabled (some plumbing modifications) and the house was just let go over about 10 years. The owner has probably died or has been moved into a nursing home. It's all very sad. I'm thinking the family just decided to let it go rather than deal with it.
At 15K an acre, that puts the house value at about $45K. I know this place will cause grief over the next year or two as a comp. We're not planning on selling, but you never know, you know? I'm thinking of going into the house and getting photos to document the poor condition. Roof leaks, buckets in the house, mold, rotted siding, trashed deck, ripped pool liner with dirt and weeds growing in pool -- very rough. That way I'll have photos in the event of an appraisal that shows it as a comp. Am I being silly, or does this seem like a good idea?