What do I say about a neighbor's yard?

[Tim The Enchanter]

On a humorous note, one homeowner insisted his house was worth "more" because his next door neighbor had an in-ground pool. He insisted it enhanced his view and the neighbor gave him permission to use it anytime he wanted

Maybe he had an attractive female neighbor?

How much could it cost to build a fence to hide the ugly neighboring property of the original post?

 

[Robert Hronek]

Wonder why the owner of your subject has not called code enforcement, or put up his own fence?

Tom hit it. The guy has a pool and that would require a fence in good repair. I wouldn't want to penalize the subject for a temporary condition especially when a call to code enforcement would have it fixed.

 

[Deleted member 77547]

The homeowner doesn't care about his neighbor's fence encroachment and shoddy pool....until he realizes it may affect his home's value. I'll bet he'd be more inclined to file a complaint with local officials once he comes to that knowledge.

 

[Michigan CG]

I agree Jim, stand your ground, if the UW doesn't agree, they can always waive the issue, but you did your job.

On a humorous note, one homeowner insisted his house was worth "more" because his next door neighbor had an in-ground pool. He insisted it enhanced his view and the neighbor gave him permission to use it anytime he wanted

I think that would depend on whether the neighbor looked like Rosie O'Donnell or Jessica Simpson.....

 

[Mike Garrett RAA]

Is a fence necessary? If it isn't...then a a cost to cure is unfair.

 

[Richard Carlsen]

This is external obsolescence and therefore the cost-to-cure is not applicable.

You determine, either through market data or your own professional experience, if a knowledgeable buyer would find this detrimental, thereby effecting value and so state. Since it is external, there is nothing you can do about it other than mention it and take the effect into consideration. Personally, with the back yard, fence and all, I would lower my estimate of value slightly to reflect the estimated market impact since I would almost bet dollars to donuts that you will not find any hard market data on something like this.

 

[Diego Lopez]

This is external obsolescence and therefore the cost-to-cure is not applicable.

You determine, either through market data or your own professional experience, if a knowledgeable buyer would find this detrimental, thereby effecting value and so state. Since it is external, there is nothing you can do about it other than mention it and take the effect into consideration. .

Exept there is something the homeowner can do, he could put up a fence of his own.

 

[Pat Butler]

Yep, the HO could put up a fence and block that view, thus curing the external obsolesence.

 

[Mike Kennedy]

oops. double chain saw massacre.

 

[Richard Carlsen]

Yep, the HO could put up a fence and block that view, thus curing the external obsolescence.

Two things:

1.) Are you really going to require the erection of a fence to block the view of the old fence on an "as is" refinance appraisal?

2.) Simply hiding the old fence does not do away with it so the external obsolescence continues. Out of sight does not necessarily remove the effects of an externality on value.

I think trying to hide it is not a wise course to take.

Note it in the report; consider it in your final opinion of value and let the UW worry about it.