Market Conditions in 95111>Question Details

Pinky, Real Estate Pro in San Jose, CA

what are current method to evaluate location & home prices for forclosure?

Asked by Pinky, San Jose, CA Mon Sep 1, 2008

Help the community by answering this question:


Virtually all banks will use an assett management company or department that hires local brokers where the property is located. The method is to take the 3 most comparable current listings and 3 most comparable sales within the last 6 months and determine the value plus or minus condition, upgrades or repairs needed. Homes should be within 10% of teh same square footage, within a mile if urban, 3 miles if suburban and 5 miles if rural. Hope this helps pinky.
Web Reference:
0 votes Thank Flag Link Mon Sep 1, 2008
All homes are valued the same way. The banks look at the most recent 3 closed sales close to the property. The condition of the home can take away or add to the value.
0 votes Thank Flag Link Mon Sep 1, 2008
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer