OK take a look at the house below. I did a BPO on it. Here are the problems. The house is great. But it is full of trash. Will the bank clean it out? In this case yes a little. Will the bank bring in some one to make sure things work? Probably not. The fight over this home is the listing price. It may be listed as low as 125,000. A really great deal for some one other than the lender.
This brings me to the point of the post. If lenders will spend a little time and clean up properties as well as work with us in the business we can get them more for their homes. Every body should be happy right?
But lenders are dumping, which is good for a buyer WHO CAN LOOK PAST THIS. But the buyer who buys this homes probably will not have a lot of extra money to do repairs. See the problem. So the home may be bought but needed repairs will not be made and this will again go into foreclosure.
Lenders need to work on clean up . I in turn will continue to try and get my buyers to see past the mess
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Charlie Ragonesi All Mountain Realty Big Canoe and Mountain Blog
On line at www.allmountainrealty.com Call at 706 579 1098
That's tough,,,I know allot of people are just walking away and I hope what happened to Ca. does not happen, which is a lot of vandalizing. Good luck,,whats the sq. ft?
Banks do not know how to sell real estate.
If we had finncing opportunities, investors would buy these homes, fix them up and sell them to buyers who would appreciate a newly painted and carpeted home at a good price.
No more. Now, the banks just want to dump them on buyers who are buying for price but have no idea of the risks involved in home ownership.
Throw good money after bad? I don't blame the banks, they've already lost tons of money, there has to be a policy and a limit somewhere.
In my area there are hundreds of similar homes. The lenders will trash them out, winterize them, change the locks and secure them. I would venture to say that is what is going on in the photo, as parking that oversized trash out container near the door is very expensive. There is probably a trash out crew cleaning the interior the way it looks in the photo.
Often times these very same properties will be visited by thieves and stripped of the siding, windows, and copper in a matter of days.
I've shown dozens of these properties, and if the buyers can't see past the circumstances, they shouldn't even be looking at anymore REO's or foreclosures, as they are wasting both their own time as well as that of the REALTOR. They expect a turnkey property at firesale price.
Charlie
It is sad to see what is going on in this country. People in their seventies having to go back to work
Sincerely
Tom Braatz
The problem with banks is that no one there feels ownership responsibility for their properties. They don't understand real estate, except for the purpose of making loans; owning it is a completely different thing. The best thing for the banks is to sell what they have asap; and, unfortunately, as your photo shows, they will miss many opportunities to do so.
The ones I work with do clean up. They do trashouts and clean and make some repairs.
What a mess and a disappointment, on the positive note, I know a guy out of Ballground that will haul the appliances away for free. But then you probably know a few guys too.
If you have money right now, NOW IS THE TIME TO BUY SOME OF THESE AND START FIXING THEM UP!
Hi Charlie, Great post and so true. We run into similiar situations here. Clean it up, haul off the garbage and we can get the banks more money, but in many cases it's just not happening and buyers want to buy them at rock bottom prices. Thanks for sharing and have a wonderful Christmas.
Charlie,
......or buyers can buy a home they can afford and use every single available dollar to get in....the bank is not going to change, but how the home is sold or more importantly who it is sold to can make a difference to your point.,...my opinion only
Thanks
Bo
Charlie-so agreed! Imagine cleaning it up..and help to maintain property values!
I'd love to see houses like this, most people might turn around and run, less competition and might even mean a great bargain! ;-)
This picture is sad
This picture is sad
THIS HOUSE NEEDS 2 B CLEAN
wooooooooooooooooooooooooooooowwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwww
wooooooooooooooooooooooooooooowwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwww
I will do Trash-Out's Property Cleanup
no job to big e-mail me ssibley@optilink.us