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#306735 - 09/18/09 03:53 AM Re: What Exactly is Functional Utility?? [Re: REO driven]
OkieDokie Offline
Member

Registered: 06/09/07
Posts: 15
Loc: Oklahoma
Originally Posted By: BPObigolly
Poor functional utility would be front door leading directly to bathroom or Bathroom being small building at rear with half moon on it.


I'd certainly call that "dysfunctional"!

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#355419 - 10/22/10 09:14 PM Re: What Exactly is Functional Utility?? [Re: REO driven]
Kristi Leak Offline
Member

Registered: 08/26/10
Posts: 175
Loc: US
It's somewhat subjective; you need to use your best judgement to decide what either option has going for it and which has the potential to enhance or detract from the value of the property.
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Apartments for rent Boston

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#355470 - 10/23/10 09:52 AM Re: What Exactly is Functional Utility?? [Re: Kristi Leak]
OverTheEdge Offline
Veteran Member

Registered: 08/24/08
Posts: 1008
Loc: Middle of Ohio
I also use poor, average or good. I recently used "none" Its my new pre-list that is a burned out shell. I keep getting the task of "rekey property". I have uploaded photos, the pre-lim fire report and commented extensively. The doors are gone, windows gone, and the roof is now a sky light. The second floor is wide open to the first. What would you like me to re-key? The field services guy and I just stood outside and shot the breeze. He had to submit a bid to board the entire house and tarp the entire roof as this little project goes over the $125 re-key fee. The arson investigation is on going - pretty sure the arson division will be upset if we touch it before they file their report. It currently has the functional utility of a target for a wrecking ball - but as a house - none.
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"No cause is lost as long as there is one fool left to pursue it". Wil Turner

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#355959 - 10/28/10 11:22 PM Re: What Exactly is Functional Utility?? [Re: OverTheEdge]
BeanTownPM Offline
Member

Registered: 09/11/06
Posts: 22
Loc: Boston, MA
one thing that is big... speaking as a former asset manager... it helps to know bedroom to bathroom ration... in MA where I am now a 3/1 is normal anf functionally normal because evereything is so old here... whereas in FL and most "newer" states it would be functionally obselete.

When i do BPO's now, as when I reviewed them years ago determining functional utility and/or functional obselesence was about answering the question "what does the prevailing buyer expect in any aspect of the propoerty/neighborhood?"

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#355977 - 10/29/10 01:16 AM Re: What Exactly is Functional Utility?? [Re: BeanTownPM]
JackREO Offline
Veteran Member

Registered: 09/02/08
Posts: 849
Loc: Massachusetts
I'll use this as an example of functional utility. 6/3/1 2 story. Bath is on the first floor off the kitchen (not all that uncommon in an older New England home). Use of the bath requires a trip through the living room to use same. In s case like that it would be expensive to rectify and may in fact require eliminating a bedroom on the 2nd floor. Functional utility would be classed as inadequate. Walking through a bedroom to access the sole bath = inadequate. Is it economically feasable to correct. Now if all the comps have the same issue, then subject is inadequate and the comps are "same" or "equal". I suppose you could paraphrase it to be "Does the property function adequately?" Or just google it.

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#356672 - 11/04/10 06:08 PM Re: What Exactly is Functional Utility?? [Re: JackREO]
Rushhour250 Offline
Junior Member

Registered: 11/04/10
Posts: 3
Loc: CA
Functional Utility should always be answered YES or NO.

Functional Utility is simply stated: Does the subject conform to it intended purpose?

In other words, can someone move right in and live there?

Quality of craftmanship, home layout, and room counts do not factor into this.

If the home is in need of major repairs to be lived in, then it is not a "Functional Utility."


Edited by Rushhour250 (11/04/10 06:08 PM)

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#356995 - 11/08/10 05:22 PM Re: What Exactly is Functional Utility?? [Re: Rushhour250]
cindysellshomes Offline
Member

Registered: 10/08/07
Posts: 196
Loc: Nashville, TN
Functionally obsolete features as found in many older homes.. Such as 1 bathroom, having to go thru a bedroom to get to another bedroom, low ceilings, etc. These type homes do not have the functional utility that modern homes do which narrows the market of buyers
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Cindy Jacobsen, Haven Real Estate
www.MoveToWhiteHouse.com

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