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REO Adventure

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Bobby Bucks

Elite Member
Joined
Jan 27, 2002
Professional Status
Real Estate Agent or Broker
State
North Dakota
This REO is a bear. I can't turn it down either, the client is my meal ticket. The former owner used to own several gas stations before he went bankrupt.
When he built his home 20 years ago he got creative. In a subdivision of predominantly brick
ranches, this rascal built a 1 story brick house with a flat roof, a gigantic AC unit on top of the
roof on a wooden platform. It has a covered porch over part of a circular drive......you get
it.....like a gas station has those big covers for people pumping gas. This house should be the
wordlwide example for having architectural review committees. Hell, there might even be buried
gasoline tanks on the premises......I’ll add some CYAs in the adverse environmental area for that I
suppose..... I have no sales that remotely resemble this creature. Inside it’s a typical dwelling other
than the normal REO damages. I’ll definitely estimate a cost to remove all the retro Tony the
Tiger Exxon crap and address the HVAC, but finding comps will be a chore. Maybe I should
search for flat roof residential sales. The last house I had that was even remotely this weird I used
odd ball sales for all 3 comps. It was an octagon shaped house. I used a log cabin for #1, a trouse
for #2 and kit house for #3. That one was a refi and I never had a call from an underwriter. Maybe
the solution for odd ball properties is to only use other odd ball sales even if they’re completely
different......
 

Restrain

Elite Member
Joined
Jan 22, 2002
Professional Status
Certified General Appraiser
State
Florida
I had to do one last year that was built by the guy that did the buildings for one of the Taco chains. Looks like a Taco Bueno, if you are familiar with the older buildings of theirs. I used normal sales and then adjusted for appeal "based on observed market transactions of unique homes over the years" or words to that effect. UW didn't gripe one bit.

Roger
 

Mountain Man

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
Georgia
Man, with the week you had don't let the ranch fly off it's rocker. :p

Could it be rezoned as the local neighborhood beer joint? :beer:
With the design I can picture in my head, it may have a good customer history in that area anyway. :D
 

Tim Hicks (Texas)

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Texas
When you pulled under the carport did you run over a black hose that made a bell ring inside? Was your windshield clean and oil checked before you left? :D :blink:
 

Caterina Platt

Senior Member
Joined
Jan 17, 2002
Professional Status
Certified Residential Appraiser
State
New Mexico
Yep, oddballs would be the best answer. There may be a bit of 'progression' enjoyed by this place if the rest of the neighborhood is desireable, but that would be found in your land values.

My heart goes out to you.

Just dodged a bullet here. Was asked to appraise a Bart Prince original for market value. Shaped like a butterfly. :rolleyes: I called in my buddy who's done a Frank Lloyd Wright or two and we buckled down for the assignment. Called to set the appointment with listing Realtor twice, no call back. Heavy sigh of relief!!!
 
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