- Feb 20, 2002
- Professional Status
- Licensed Appraiser
Subject is REO property.
Subject property sold in 1997 for $108,000, on the market in 2006 for $214,900 and $2007 for $189,000.
Five Sales from $157, $250,000
Similar Sales in past six months indicate it should sell for $165,000.
Listing are $139,900 to $279,900 Five listings.
Home is in average condition, using similar comparables, near grade school and next to public park, home is on dead end street that ends at park.
The kicker is the basement walls, they look to have been leaking and then patched from the inside. Still having some water problems. Cost to cure is from $6,000 to $24,000 no sure way until subject property is inspected by a foundation contractor. I have called five different ones.
The real estate agent told me that his BPO came in at $42,000 which is way off I think. But she also said she had an appraisal that showed the property to be worth $50,000 because of the foundation.
I used non-REO sales comparison for this subject. The town has none similar to the subject in the past 12 months.
I am thinking I should mark box 4 call for a foundation inspection. Put a statement that if problems are found it will alter the value of the subject property.
How would you look at this one and send it off to the lender??
Pictures show wall condition and water stains on floor.