REO Home Appraisal In North Hills California

Bank Owned Homes

Hey there, this is Jason with Appraisal Evaluations and thank you for visiting our “Inside Appraiser’s File” video blog at LosAngelesAppraiser.org. Today I’m gonna talk about a property that we recently appraised in the Los Angeles area. The Assignment was to give our opinion of the market value, of a single family house that was foreclosed by the bank.

 

The house is in the San Fernando Valley area , in the community of North Hills. The neighborhood’s made up of mostly newer homes and it’s very close to the 405 Freeway.

Now, there were several factors that I had to consider: First, one side of the house faces a fairly busy street and the traffic noise was pretty apparent. Second, the house was in really bad condition…the previous owners let it go and the whole inside of the house was covered in dirt and debris.

One of the things that’s driving the prices down is an oversupply of active listings in the area.

Also, because there have been were quite a few distressed sales in the area, the home prices were generally declining.

Looking at the chart here, we can see that the current median price is much lower than it was the same time last year.

So the first thing I did was look for sales with similar traffic noise…what we call external obsolescence. I found several comparable sales that backed to the freeway and determined that this noise adversity had about a 3% negative effect on value. Next, I plugged the items that needed repair into a cost spreadsheet and determined that it would take about $17,000 in repairs just to bring the home up to marketable condition.

So, while its true that Bank Owned homes are generally priced lower than standard transactions…there can be hidden factors that affect the value. Its always best to protect your investment dollars and have the home you’re considering buying appraised by a professional, state certified appraiser.

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