OK, I know the guys in Detroit can beat this hands down, but I just came in at $20,000 for a 672 GLA home in the inner city. I am starting to see REO listings in this area in the low to mid teens.

So, what's the lowest you valued a suburban/urban home for?

Well I am not in Detroit, but I am only about a half an hour outside of it and we have single family homes, 1000 sq ft, 3 br, 2 bath, garages and basements going for $15,000 and less all over the place, they are even in pretty good condition. Investors are buying them up and renting them out around here. I just sold one in a distant suburban area that had 1500 square foot, 3 br, 2 baths, 3 car garage and an acre for $5,000. That was the deal of the year around here.

WOW!!! Jack, how old was the 3/2/3 1500 GLA? Was it a newer home?

Jack has me beat..

Lowest SF $27,100, 900SQ 2/1.
I have a 2 flat listed at $13,900.

I have seen sales on the MLS for $1

No it was built in 1955, it was listed for $29,900 and the bank actually took $5,000. I must have had 300 phone calls on that property within the first few days it was listed. I still can't believe it sold for that.

Yeah - I saw that lucky dog realtor taking the TX crew around Detroit showing the bargains there - so sorry.

Also saw a Mayor form a small Pennsylvania town - the town looked as though depressed would be a step up.

Even some of that here out the outskirts - Nice little homes that need some 'TLC' for 30,000+-.

Which reminds me - I can't locate my old appraisal books - I think my son may be using them? I was looking for the Fed's definition for classifying Urban, Suburban and Rural. Does anyone have a link from a creditable source for that?

This is all I have, it is from 2000:

http://www.census.gov/geo/www/ua/ua_2k.html

I have one right now listed for $7500. Frame cape cod, 900sf, full basement, detached garage 3/2. Have 5 offers on it and the bank is offering to deed it for $2500 and the buyers pay for all fees and costs in the transfer. Can you say- BARGAIN!

The deal I closed last week was for a single family home, 3 bedrooms, 1 bath, basement. It sold for $800. The bank paid a $2500 commission.

Four properties in the Buffalo market have sold for between $500 and $2000 in the past year (retail MLS sale).

Several houses have been given away on craigslist in the past year because the owners didn't want to deal with $500 in code violations and transfer taxes & fees.

I was thinking about making the opposite thread. What is your highest BPO?

I've done tons right around $1M but last week had a few high end ones with the highest at $2.2M.

I had another that last sold in 2007 for $7M. Luckily there was no MLS or tax data and it was cancelled. I don't like doing values that high on a drive by BPO. Still fun to look at the house.

I sold a 2 unit property for $25k a few months ago- that is pretty low for around here. It needed a ton of work but not a teardown and was in a horrible area. The neighbor told me that the local hooker was using the back unit for turning tricks. The place was boarded but people kept clawing their way in. Finally the bank paid for VPS to secure the property so we could keep it secure and then it sold. I threw myself a party the day that one closed!

you dont want to know

This house was dirty but livable. Neighborhood was fair but on a steep hillside. Listed for $5,900, sold $4,500, comm. $3,000, trash out $3,600 (lots of dog poo!!). There were back taxes too. I would have let this one slide off the hill!

My highest is $4.45M, but I perform BPOs on homes over $1M at least 3x/week.

Highest BPO was for $3.2M, I regularly go from $5,000 homes to over a mill all the time. We have a wide variety around these parts.

Must be nice TB in TX! I don't think I've BPOd anything for more than around $250,000. My average sale price is around $10000.

I did a Drive by on a 15 million dollar Home a few months ago.
my BPO range $50,000- 2 million.

LOL...........I just have to ring in. I just closed on one today purchase price was...........drum roll please................$1. It cost me $721 in closing costs (crazy) 3/1 frame colonial total rehab needed. The good thing was the commission $1125 and to top it off I donated to a friend of mine. next week I have a closing, $100 for the property and $372 in closing costs (tax prorations waived) with a buyer ready to take it for $100. $1000 commission...........I can do this all day long...........lol

my lowest bpo value for a non listing has been $8900.
Have never valued anything over $475,000, thank goodness there is no way i could validate that with comps even if i went 75 miles out!!
I just submitted an offer on a 3/1 wood frame/wood siding home built in 1989 for $4900 and as far as i know we are in the lead..


I VERY OFTEN have QC issues due to the "suburban/urban/rural" issue, a lot of them come to me already labeled urban and non of my local market(3counties)is anywhere near being a typical urban area.. OR they fight me on my rural labeling, I just tell them.. "if the people have chickens, goats or a horse in the front yard, im labeling it a rural area!!" and they let it goo..

I have a 2 unit that i came in at 20k for the bpo...one unit vacated, and pipes burst..there is 1 ft of water frozen in a solid block on the first floor. 2nd unit only vacated after the water had to be turned off at the street..it still took 3 weeks. When i went over there, i had to crawl under police tape marking a crime scene ( shooting ) in front of the house..love this business.