Last week I received a new REO assignment.  I was thrilled to discover the property was only 4 blocks from my house. I was equally thrilled when I realized which house it was, I have admired it for 19 years. During this past year, I have watched the weeds grow ... and grow ... you can barely see this two story house from the street.

haunted house,halloween,ghosts,batsI wrote a blog about this house titled My Worst Ever REO Occupancy Check.  The last statement I made in that blog was "this is going to have to be a cash only sale". But I found myself thinking about a FHA 203(k) seminar that was hosted by Michael G Regan, a fellow Active Rainer and Mortgage Banker in my community. I decided to invite Michael to my REO property to get his opinion on whether or not it would qualify for a rehab loan.

Michael accepted my invitation. I gave him the grand tour along with a few warnings (be careful not to step in that!).  Michael's take on this house was completely different than mine was initially.

If you look at the pictures in the slide show below, you can see that I was focusing on the trash and personal property.  I needed to report back to the bank to let them know the value of anything left behind, plus the amount of work ahead for the trash-out team.

Michael's blog, Halloween Nightmare in May Turns Into 203k Dream, shows that he was envisioning a beautiful and equitable transformation that  could be accomplished with a rehab loan.  In my previous blog I had painted a picture titled "ick, a nightmare house", Michael has painted a picture titled "dream home with the right loan".

Sometimes it's hard to see past the trash to find a treasure.  Thank you, Michael, for seeing this REO in a different light.

 

 

 

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

Copyright © 2010 - 2013 All Rights Reserved

Cynthia Larsen
Broker/Owner - Safe Haven Realty

Sonoma County, California, USA
(707) 332-2560

 cynthia@safehavenrealty.com

 www.safehavenrealty.com



 
Post is included in group: BananaTude
Post is included in group: Cosmic Cow Pie...The Rome Way
Post is included in group: "Whacked"!!!

66 Comments on Looking Past The Trash To Find The Treasure

20 Most Recent Comments Displayed Show All

MAY
11
2010
483,984 Points 59 Featured Posts Outside Blog Called Shot Master

Jennifer - "a shame" is right!

Donne - yes the abandoned pets are so helpless, they were really scared.

Alan - I hear you on the shower comment, this was one of those houses

Sandy - someone was sure living in a big mess, I don't know how they did it either.

Joy - LOL, that will be my next challenge, finding the right price!

2:45pm • #47
125,525 Points 2 Featured Posts Attended Rain Camp

It makes me wonder at the anger that people must feel when they have to leave their home!

4:00pm • #48
199,373 Points 4 Featured Posts

My first house was a handyman special that I saw the diamond in the rough.  We just purcahsed a foreclosure (for ourselves to live in) that I see the potential in.  However, neither were near as bad as this one, and yes, I've seen some in similar condition.  I'm glad the kitties were rescued, that picture was so cute but I didn't expect it since I hadn't see your other posts.

4:33pm • #49
483,984 Points 59 Featured Posts Outside Blog Called Shot Master

Kathy - I wonder about the anger too, and I don't know why they take it out on the HOUSE.

Judy - I feel a lot better knowing the kittens are going to find good homes.

5:54pm • #50
975,339 Points 6 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

One man's trash is another man's treasure. Sometime it helps to get another person's perspective.

7:58pm • #51
MAY
12
2010

Heck, I've gotten a couple rental homes back from tenants looking like this!  The scary thing is, this is how some people live and raise their children.  And these are tenants who have passed screening procedures.   Thank goodness it hasn't happened often. 

4:29am • #52
483,984 Points 59 Featured Posts Outside Blog Called Shot Master

Cheryl - I know I'll have a different perspective after the trash-out, the place is just creepy as it is.

Patricia - you have to wonder how the children will be when they grow up.  Will they be disgusted with how they lived or will they repeat the cycle?

9:46am • #53
307,045 Points 9 Featured Posts Localism Sponsor Outside Blog Attended Rain Camp Called Shot Master

Sometimes it is hard to see the forest for the trees.  There are a lot of trashed REO houses out there now.

12:32pm • #54
1,023,886 Points 15 Featured Posts Localism Sponsor Outside Blog Called Shot Master

You have to have vision to see the value and take advantage.  If it was nice and clean everyone would want it and it would not be a bargain.

12:34pm • #55
483,984 Points 59 Featured Posts Outside Blog Called Shot Master

Damon - more trashed houses than I care to think about ... makes me VERY sad.

Gene - I couldn't have said that any better

2:26pm • #56
126,741 Points 1 Featured Post Outside Blog

Cynthia, Wow! I can remember a few REOs this bad. A lot of trash out. What happened to the cats?

4:09pm • #57
483,984 Points 59 Featured Posts Outside Blog Called Shot Master

Randy - I called Forgotten Felines of Sonoma County.  You can read all about it in this blog, Forgotten Felines of Sonoma County To The Rescue

4:13pm • #58
MAY
13
2010
1,352,282 Points 42 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

It's nice that you were able to bring in somebody who could see the potential and another way of going about selling this home.  It's amazing what people can do to a house.

3:33am • #59
483,984 Points 59 Featured Posts Outside Blog Called Shot Master

Christine - thanks for stopping by.  I would love for someone to buy this treasure with a rehab loan instead of an investor with cash.  I'm looking forward to marketing it!

12:14pm • #60
156,316 Points Outside Blog Attended Rain Camp

It's nice that there are those people who see a diamond in the rough and take advantage of it.  When they fix it up, it helps the neighborhood grow instead of deteriorate. How nice is that?

6:38pm • #61
483,984 Points 59 Featured Posts Outside Blog Called Shot Master

Larry - I LOVE gentrification!  There is a house across the street from this one that was sold, gutted, remodeled and is back on the market today!  If nothing else, these flippers are fixing up properties that need it badly.  And that helps everyone!  Thanks for stopping by!

7:10pm • #62
171,693 Points 2 Featured Posts Outside Blog Hit Router Attended Rain Camp

It is amazing to me how some people can look past the obvious mess and see what they want, but most cannot.  I love the kittens.

9:36pm • #63
MAY
14
2010
483,984 Points 59 Featured Posts Outside Blog Called Shot Master

Hi Jirius - I can usually look past the mess, but this home gave me the creeps as soon as I opened the door.  The fear factor kind of paralyzed me.  Oh, I just SO hate that feeling.

12:50pm • #64
MAY
16
2010
MAY
17
2010
483,984 Points 59 Featured Posts Outside Blog Called Shot Master

Steven - great caricature!  REO's can be lonely, I never meet the seller, everything is done by e-mail.  So yes, it was nice to bring somebody in on this one.  I hate being alone in some of these REO's!

5:59pm • #66

20 Most Recent Comments Displayed Show All

Login or register to leave a comment

 
Bw_cynthia_larsen Rainmaker_large

Cynthia Larsen - Sonoma County Real Estate Broker

Cotati, CA

More about me…

707-332-2560 www.safehavenrealty.com

Address: 8745 Fehler Ln, Cotati, CA, 94931

Cell Phone: (707) 332-2560

Email Me



Listings

Links

Archives

RSS 2.0 Feed for this blog

Find CA real estate agents and Cotati real estate on ActiveRain.