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Would you document the condition of nearby foreclosure?
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Posted by
jakabedy (
My Page) on
Fri, Apr 29, 11 at 11:26
| 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? |
Follow-Up Postings:
RE: Would you document the condition of nearby foreclosure?
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RE: Would you document the condition of nearby foreclosure?
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| I think it's a waste of your time unless you are actively selling your home. Things in the housing market can change on a dime. What maybe a trashed house now may deteriorate even more. If and when you put your house on the market you are going to want current pics to prove your point. |
RE: Would you document the condition of nearby foreclosure?
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| It would only be considered a comp for a year after it sold. So if that is a time frame you'd be concerned about I would do it. Although they used a camp house with an outhouse as a comp for our permantent residence house and appraiser did nothing to adjust for it even after told about it. |
RE: Would you document the condition of nearby foreclosure?
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| Check with your county building and safety dept and health dept for violutions. Some counties have strict rehab laws. Los Angeles County does have one. Also due to a possible danger to children etc, the health dept can contact them to at least board it up. |
RE: Would you document the condition of nearby foreclosure?
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| "It would only be considered a comp for a year after it sold." Not even that long. |
RE: Would you document the condition of nearby foreclosure?
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| brickeyee - he/she said semi-rural. There isn't always enough properties sold so they usually will accept up to a year old comps in these cases. In a city or where there are lots of other comps that would not be the case. |
RE: Would you document the condition of nearby foreclosure?
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| Thanks all. Yeah, finding comps can be a problem where we are. When we bought in 2007 the appraiser had to go back more than six months. |
RE: Would you document the condition of nearby foreclosure?
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| "I'm thinking of going into the house and getting photos to document the poor condition. " Isn't this called trespassing? |
RE: Would you document the condition of nearby foreclosure?
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| "Is this called trespassing?" I feel certain that it is. But I don't think I'm going to get any grief for it. It's empty and on the market with a huge pile of trash in the driveway. I walked around it at first to peek in windows and check it out The back door was open (I'm not sure it locks). I'm not saying it's not trespassing. I'm just saying that it's not going to be a problem. |
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