First let me say that pictures don't do a property justice - it can go either way. I have listed and seen some marvelous properties whose attributes could not be adequately presented via photos or virtual tours - even the expensive virtual tours with the "you are here" vantage points.
I paid for one of those, once. The listing expired eventually and the sellers declined to relist. They had no problem with me, they just didn't need to sell. They were looking forward to downsizing to a ranch from a 2 story if they could get their price - they couldn't - and I couldn't persuade them to lower the price. They had about $680,000 in equity, at the list price. A reduction of $25-50,000 would have done it, I think. Ahhhh, motivation. They are going to wait out the market and hope for better days in Michigan. Smart move really.
Then there is the property I showed this morning. The agent warned me that most who had seen it, and it was only listed late December, called it a teardown. Well, I have some investors who are scared by nothing and I have seen their transformations. These potential buyers are not investors. They wanted the property for the setting, with river "frontage" at the rear of the property, for their own home. With a limited budget, they would deal with the house, they figured.
The price was incomprehensible.
Nice country neighborhood. Good new pole barn. Slightly shabby but salvageable block foundation barn with some pretty details. The one exterior photo of the historic farmhouse looked great. So where's the problem that this should be priced so incredibly low?
Well, first inside the door, amidst the debris, were bowling balls and beer cans. Clues! Then the odor hit us. Rottweilers, was one person's guess. Further in (this was an "after you" kind of showing) someone opened the refrigerator door right before I shouted, "Don't open the refrigerator door!!!" Too late. Still looking for the bright side and trying to avoid country critters that might skitter past at any moment, we forged on. The bathroom was large and gross, the stairs to the second floor loomed, but we were all drawn to the bar/family room area.
Inexplicably, in dry cleaning plastic, a band uniform hung on the wall. It was the formerly suspended ceiling that had us fascinated. With no evidence of roof leaks in the property, this entry level ceiling had fallen through at every rectangle, bringing the insulation down with it. Finally someone noted the hole in the wall and realized it was probably raccoons, nesting and soon enough falling through the flimsy support the suspended ceiling had provided. I can see it now - dozens of falling raccoons. We never went up those stairs to the second floor. I was curious but I wasn't going alone and there were no volunteers. Gosh, I wonder why there were no interior photos? Couldn't do it justice, I'm thinking. One of those places you need to see to really appreciate. I left a voicemail for the agent and confirmed what he already knew. It's a teardown. I bet even the second floor couldn't have saved it, but I'll never know. We won't be writing an offer on this one. That, I am sure of.
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