One of the perils of showing REO properties is that one never knows what to expect when the door is opened. MLS photos can be somewhat misleading because they can never quite capture the “essence” of the house.
But once the door is open, much of the history of the previous occupants is immediately deciphered by the olfactory sense … the house just stinks!
Cigarette smoke, pet urine, mold, rotten wood, and even dead things immediately tell the story of property neglect and abuse.
And while some bank-owned properties have been restored to their former glory, the vast majority of REO and HUD homes leave one gasping for breath. And most prospective buyers can only think of one thing: GETTING OUT!
It violates every rule of marketing and common sense. The idea is to make the product attractive to buyers.
And the only way these properties ever get sold is by drastic price cuts which destroy neighborhood property values and contribute to the overall downward spiral of the marketplace.
I honestly believe that these sellers could double their investment in cleaning, paint, and new carpet if they only gave it a chance.
Smell is a powerful sense. All of the pretty pictures in the world cannot overcome it!