I was out doing some previewing recently for an investor client - trying to find a house that looked like a good bet for his next project. One had been intriguing me, since it's located in a neighborhood that typically sells quite a bit higher than the list price of this home. So I knew there had to be a catch, since it has been lingering on the market for a while now.
It's a bank owned house and had been in the phase where only prospective owner occupants could bid on it, so I had thought there might be no rush to preview since it likely would get snatched up well before the time when investors could bid. But with that period almost up, and still no sale in process, I did go take a look.
And yes, there is most definitely a catch - actually 3 of them - and in this case, I think it is 3 strikes and you're out.
Strike number 1 - and a huge strike at that, is that the house is the very first one in from a VERY busy street. From both the yard and the house, the traffic noise was pretty loud, the cars zooming past were visible from the living room window, and I know from experience that trying to pull out onto the busy street is almost always an exercise in frustration!
Strike number 2 - the style of the house is split entry. Not that there are not some buyers out there who do like the separation of spaces, but it's been my experience that this style has fewer fans than buyers who immediately reject it. And because of that smaller pool of buyers who do like the style, resale is always likely to be slower and at a lower price point than for any other style home.
Strike number 3 - this one I was expecting since the home is bank owned, but the condition definitely means this is a major rehab project. And the price does not really reflect that reality.
So, although if there was only strike 3, an attempt at negotiating a more realistic price would be well worth it, the other 2 strikes fall into the "it is what it is, and there's no way to change it" category.
And that means, in my opinion at least, this house has 3 strikes against it - and 3 strikes and you are OUT of the running to be a recommended purchase.
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