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Is there a good reason Bank owned properties have extended DOM, multiple price reductions, no open house, no local lock box and a funny look as kind of neglected ? The answer for REO located in my area is most likely the listing agent is from another County
with extended proximity where most of the properties are built likewise on flat lot with
slab or concrete perimeter foundations.

Is there a good explanation for BPO completed with large difference of lot surface exceeding the valuation guidelines? Maybe because there are no other comparable with similar amenities and GLA… But also because one property has a larger lot such as 25,000
Sq-Ft recently seen and ZERO Sq-Ft usable due to the high grade slope. Only the living are is usable! Forget it if you want to have tomatoes plants !

One who is not familiarized with the benefits and inconvenient may not come up with the accurate data to complete a BPO or neither the right approach for an appropriate marketing to maximize the recovery of capital.

Marin County is unique. Properties have their own personality and often difficult to understand. Can you figure why someone will buy a property around $ 1million to have a wooden structure anchored on the hillside with the living area below street level and under a double space carport. Marin County Residents are often addicted to ski in the Lake Tahoe area and consequently are buying SUV and other heavy vehicle to exceed 9000 lbs as two parked on wooden stick just above their head.
I remind you that we are in an earthquake area!

Another component to worry especially in the winter is the water flowing from the hills. No big deal may be until the pressure applied on a retaining wall can exceed thousand PSI if adequate drainage is not efficient. I let you guess the consequences !

Property in foreclosure did not come overnight and their previous owners have been in trouble a long time before. It is fair to assume that maintenance have been deferred years before, including these drainages. They have often bought properties with recommended repairs upon their home inspection which have been forgotten.

These properties located in desirable location as Mill Valley enjoying spectacular views, have a non usable lot and require a very specific foundation and drainage. They also need to be appreciated and their average price is still around one million depending amenities.

They also require a unique approach of marketing to ensure a quick sale and best value.

It is not often fully understood by agent not familiarized with this area. Local agents can help quality control of valuation companies and Asset Manager to fully understand the outcome of these properties and therefore reduce DOM and increase selling price.

Actually, I was in the impression that we are here to maximize the recovery of capital as REO agent. Conclusion to Asset Manager is to assign REO property to local agents!

I have posted a few photos on my page with foundation anchored on hill, carport above living area.

Alain Thillois 04/09/10