Quote:
Originally Posted by North_Raleigh_Guy
Thanks for the great replies. FWIW, I am in a small subdivision (only 60 homes) and this has been the only foreclosure in the past 18 months and we all saw it coming (home was not maintained at all, owner was delinquent on HOA dues for 8 months ect) and I have no reason to expect a flood of foreclosures in the neighbirhood. There are sales regularly in my neighborhood so I imagine 6 months from now there will be 4 more recent sales after this foreclosure is sold. My neighborhood is comprised of very similar homes with almost identical upgrades, lot sizes ect... so just about every sale is considered a good comp.
Thanks again for the great explanations!
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NRG,
You have hit on a key point.
Most duress sales include the dynamic of a home not being maintained, along with the emotions of the nature of the duress.
When one is not making payments on the property, or HOA dues, it usually means that their is no money being put into the home either.
I was in one of the foulest homes I have seen yesterday. A foreclosure. Actually horrifying to see kids' toys around.
Definitely... I wouldn't want it comped to set the value if I lived in that neighborhood.