Investors United School of Real Estate Investing
Agents Online Real Estate Forums, Discussion, Realtors Marketing Tips

Follow AgentsOnline on Twitter

Click Here to display our logo on your site and link to us!
AgentsOnline Real Estate Discussion Forums Logo

Good Ideas
REO Prep Foreclosure Listings



Free Marketing Kit



How To Advertise Here

Sponsors
More Good Ideas!
Get Listed In The Realtor Directory

Internet Marketing Tips for Realtors




Build your brand on a Real Estate Site


Facebook
Sponsors
Page 2 of 2 < 1 2
Topic Options
Rate This Topic
#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"!

Top
#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.
_________________________
Apartments for rent Boston

Top
#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.
_________________________
"No cause is lost as long as there is one fool left to pursue it". Wil Turner

Top
#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?"

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

Registered: 09/02/08
Posts: 848
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.

Top
#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)

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

Registered: 10/08/07
Posts: 195
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
_________________________
Cindy Jacobsen, Haven Real Estate
www.MoveToWhiteHouse.com

Top
Page 2 of 2 < 1 2






Moderator:  HomeTeamGA 
Google Custom Forum Search

This Google Custom search may do a better job of searching the forums for some keywords than the old forum search does. The results do not include threads from the Asset Managers Forum however. To search that forum you will need to be actually in the Asset Managers Forum and you will need to use the old forum search below.
Search

Good Ideas!


Customize your lock boxes




online internet advertising for Realtors




How To Advertise Here

Sponsors

Newest Members
c.suave27, realestate1405, erasmusflat, Thom Rigsby, LendSome
25712 Registered Users
Who's Online
7 registered (agentjunior, Mercedes, Freedom123, United FS, 2 invisible), 153 Guests and 6 Spiders online.
Key: Admin, Global Mod, Mod
Shout Box

Top Posters (30 Days)
David Hunter 30
Vermont 29
BrianMI 24
Florent 23
Bigtoe 21
gitmonee 20
RonnieWinz 18
buysell-browse 14
Nashville Homes 12
jorgelopez 12
Adam Friedman 12
DanDav 12
12 step 4 BPOs? 11
Eric G. 10
Bay Area Brian 9
(Views)Popular Topics
I MAKE 100 COLD CALLS EVERY DAY & LOVE IT! 9968720
No new orders today 9766315
Stupid MLS comments. 1970959
What do you know about Froy Candelario, top agent in USA 647375
Stupid QC comments and BPO requirements. 614357
New HUD Listing Brokers---Any Update? 589053
Is there religious content in Buffini class? 466582
EML 459208
Pay it Forward - BPO/REO Tips & Tricks I & II 372272
Let's talk about our cars 364966
Evalonline 300062
Most common items found at an REO 296034
Land America 285037
Mainstreet 261837
REOTRANS 260348
asset val seminar in colorado 239009
Name that Flick. Great movie Lines. 235049
FARVV 177357
HOMONYMS - There, Their, and They're 154523
USRES / RES.NET 147770
Featured Member
Registered: 08/19/11
Posts: 181

How To Advertise Here


This site presented by RNC Internet Services