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Foreclosure with no kitchen/baths

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Pappraisals

Thread Starter
Freshman Member
Joined
May 1, 2007
Professional Status
Certified Residential Appraiser
State
Missouri
I have a foreclosure for a bank that I am appraising and the kitchen (everything in it) was removed along with the bath and no flooring (just subfloor). As well as making condition adjustments and functional obsolescence is there anything else you can think of??
 

Greg Bell

Senior Member
Joined
Jul 7, 2006
Professional Status
Gvmt Agency, FNMA, HUD, VA etc.
State
Louisiana
Clients scope of work is "AS IS" then you must appraise with cost to cure on the REO addendum.I have done some that were much worse than no Kitchen and the adjustments can be out of norms.You might want to mention "Unable to determine functionality of utilities .Complete systems inspection is recommended"
 

Scott Kibler

Elite Member
Joined
Oct 7, 2003
Professional Status
Certified Residential Appraiser
State
Illinois
Wait till you get one with all copper plumbing and wiring ripped out.
 

Ray Miller

Elite Member
Joined
Feb 20, 2002
Professional Status
Licensed Appraiser
State
Wisconsin
Wait till you get one with all copper plumbing and wiring ripped out.


Wait till you get one that is just about gutted, all that is left is the walls.

Not only that wait till you get one that the minute you open the door and walk in the fleas start crawing up your feet and legs.

The one where you open the basement and there are dead pets that straved to death.
 

Geoff Hatcher

Junior Member
Joined
Jan 23, 2002
Professional Status
Certified General Appraiser
State
Ohio
Had one years ago, I could stand outside the house, look through the exterior wall, out through the second floor and roof. Thought it had a first floor bath until I realized the second floor bath had caved in, onto the first floor.
 
Last edited:

Joker

Elite Member
Joined
May 28, 2002
Professional Status
Certified General Appraiser
State
Ohio
And you thought all the hillbillys were in Portsmouth, huh?
 

Jill Kinnaird

Junior Member
Joined
Oct 6, 2005
Professional Status
Certified General Appraiser
State
Ohio
How about the one where momma racoon catches you looking at her babies hangin out in the bathtub and she's between you and the only exit?? Steel toe boots really do come in handy! For all you PETA friends no, I did not kick her out of the way, she attacked my feet. That was a real fun day!
 

Pappraisals

Thread Starter
Freshman Member
Joined
May 1, 2007
Professional Status
Certified Residential Appraiser
State
Missouri
sorry - I didn't acutally give all details - the subject property is in an area that has little foreclosures within a 1/2 mile and houses that were foreclosed on are acutally in decent condition - is it better to travel farther away or use decent houses and make big adjustments?
 

Geoff Hatcher

Junior Member
Joined
Jan 23, 2002
Professional Status
Certified General Appraiser
State
Ohio
Doug,

"Hillbilly Riverrats" in Portsmouth, Hillbillies and Hilljacks (Hillbilly wanna be's, except they got no hills) are everywhere.
 

stefan olafson

Senior Member
Joined
Apr 2, 2003
Professional Status
Certified General Appraiser
State
North Dakota
Use the best available comparable sales! Don't go to a new or different neighborhood to get comps if there are plenty around the subject. Do use REO sales if any, they give you a good indication of how the general public sees the value for foreclosed homes.
 
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