Robert Dunkle
Senior Member
- Joined
- Jan 17, 2002
- Professional Status
- Certified General Appraiser
- State
- Oklahoma
I know I can turn down any assignment I don't wish to do, but this is my best client. Foreclosed house.. 2300+ sf in a neighborhood of 1000-1300 sf houses FmHA and REDC. Three in the hole addition are above 1500 and they have converted garages or walled in patios. This house is poor quality construction had two add-ons from the original. MLS says house has 5 BRs, but only 3 have closets. Other two rooms don't even have a window. Someone has poured paint all over the carpets, knocked holes in the drywall, tore up the appliances, etc. a real winner!!
I believe the best way to arrive at the indicated value is to look for other foreclosed (in poor condition) houses around the Metro area that are also mammoths in their respective neighborhoods, even if they are a few miles away. I have found several to use. The only close neighborhood of similar size houses would require $50-60,000 adjustments for condition alone, not to mention the fact that they do not have external depreciation from being that much larger than the norm. I believe the only way to get a true feel for the markets willingness to buy the condition and the large house in small neighborhood is to go where those conditions exist.
Like before, we are like economists...... four people, three to four viewpoints. What do you think??
I believe the best way to arrive at the indicated value is to look for other foreclosed (in poor condition) houses around the Metro area that are also mammoths in their respective neighborhoods, even if they are a few miles away. I have found several to use. The only close neighborhood of similar size houses would require $50-60,000 adjustments for condition alone, not to mention the fact that they do not have external depreciation from being that much larger than the norm. I believe the only way to get a true feel for the markets willingness to buy the condition and the large house in small neighborhood is to go where those conditions exist.
Like before, we are like economists...... four people, three to four viewpoints. What do you think??