REO Appraisal Check List

[Lobo Fan]

Another nasty surprise can await behind a shower curtain. I pulled one back once and a wall of black goo appeared. Took a quick photo as I held my breath.

 

[PJK03]

I have been using "N/A" when the checklist is something for a building inspector, not an appraiser. Then, I give a disclaimer at the bottom, explaining the N/A above. So far this has worked every time.

 

[Kris Martin]

When gathering comparables for REOs, what would you sacrifice the most to land another REO comp sale? Distance? Sq ft? Acreage?

I would guess REOs might tend to blow adjustment percentages out of the water.

 

[timd354]

Around here, a toilet is almost an automatic repair hit.... I rarely see a refrigerator or a washer or dryer left behind. Just lucky I guess. I have done a few lately that either have had or are in the process of having, some form of mold remediation. On three occasions, on 105 to 112 degree days, I was nearly knocked out by the smell of chlorine bleach when I opened the door.

I just looked on Craig's list recently because my sister needs a new refrigerator for her house and it amazed me to see how many addvertoisements there were for the refrigerators, stoves, dishwashers, built-in microwaves etc. that are nice stainless steel units that are less than 1-2 years old and the people selling them say they "have to move" and cannot take the appliances with them....I would bet that, more often than not, these are houses which are about to be foreclosed.