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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

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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: http://www.ScottSellsNH.com
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.

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0 votes Thank Flag Link Mon Sep 1, 2008
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