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Foreclosures ain't purdy!!

By
Real Estate Broker/Owner with Tutas Towne Realty, Inc and Garden Views Realty, LLC BK607690

Buy a foreclosure today!

Today, I decided to go out and show a couple of foreclosure homes to a potential buyer. The buyer's a Broker from up north ....so, it was fun.

The house, we looked at, sounded pretty decent in the MLS, 5 bedrooms 4.5 baths with over 2800 sq ft living area and only 4 years old with an in ground pool!!

You know, I know that REOs can look pretty rough inside but I figured it's only 4 years old and it's in a very good neighborhood, how bad can it be?

The home sold for $375,000 in 2006 and was foreclosed on mid 2007. It's currently on the market for $204,900!!!! I figured it would be worth about $250,000 if it was in pristine condition. Well needless to say it wasn't exactly in pristine condition.

When we pulled up front it didn't look too bad. Good solid structure and roof. Upon opening the door we noticed the normal dirty carpet and dirty paint. Well this isn't too bad at all!!

Then we started really looking around. The pool has a wood cover over it so nobody will fall into the dark abyss. I'm not sure what may be living in that pool but I think we'll leave it for the pool man to figure out. Yikes!!! Could be gators and snakes in that sucka.

Then we noticed every door in the house had been removed along with all the fixtures and appliances including the dishwasher. Oh well....no biggie. A little paint, some flooring and appliances and we should be good to go.

So we head upstairs to see what we got going on up there. Hey where's the heating and air system? It's been yanked out!! Yep, they took the complete HVAC system....inside and out. They also took all the pool equipment including the filtering system and the pump. I wonder what it looks like behind the walls?

If the bank accepts my Buyer's $140,000 offer, maybe, we'll find out.

Just another day in the life of a REALTOR®. So how are foreclosures looking in your area?

***Bank owned property. Sold "As Is". Needs TLC***

Sell Poinciana Real Estate Poinciana Real Estate Poinciana Real Estate Poinciana Real Estate Agent

Copyright © 2008 http://www.brokerbryant.com/ | All Rights Reserved

Bryant Tutas
Broker/Owner
Tutas Towne Realty, Inc
Licensed Florida Real Estate Broker
http://www.brokerbryant.com/
***The content of this blog is solely my opinion*** 

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 Tutas Towne Realty, Inc handles Florida real estate sales, Florida short sales, Florida strategic short sales, Florida pre-foreclosure sales, Florida foreclosures in Kissimmee Florida Short Sales, Davenport Florida Short Sales, Haines City Florida Short Sales, Poinciana Florida Short Sales, Solivita Florida Short Sales,  Orlando Florida Short Sales, Celebration Florida Short Sales, Windermere Florida Short Sales. Serving all of Polk, Osceola and Orange Counties Florida. Florida Short Sale Broker. Short Sale Florida.

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Comments (32)

Katerina Gasset
The Gasset Group & Get It Done For Me Virtual Services - Provo, UT
Amplify Your Real Estate & Life Dreams!
Bryant- I showed a short sale listing, not even foreclosed on yet, where they removed all of the appliances and the counter tops, and then tried to remove the built in jacuzzi tub in the master bathroom and cracked it trying to remove it so they just left it there on the floor all cracked! Some people! Desperate people do desperate things. 
Mar 25, 2008 02:52 PM
Bill Gassett
RE/MAX Executive Realty - Hopkinton, MA
Metrowest Massachusetts Real Estate
Yikes! It is crazy when people will go to the lengths you describe here. I can't imagine ripping duct work out of a home - absolutely crazy!
Mar 25, 2008 03:08 PM
Lisa Hill
Florida Property Experts - Daytona Beach, FL
Daytona Beach Real Estate

Now here's the difference between how you and I would have handled the pool. I usually just find tadpoles and frogs in covered pools. And I LOVE frogs! (Can you tell I'm a home-grown Florida girl?) So I would have done everything within my power to try to get a peak under that covering! 

Froggies! =D

frog

Mar 25, 2008 03:18 PM
Patricia Beck
RE/MAX Properties, Inc., ABR, GRI, SRES - Colorado Springs, CO
Colorado Springs Realty

Wow, I can't believe they yanked out the HVAC system!!  There are a few bank owned properties in this town that are in good condition but I would say most of them look pretty bad that I have shown! 

Mar 25, 2008 03:55 PM
Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

BB - I have run across some pretty nasty looking foreclosures and REOs, but none that seem to be missing as much as you described. Yep, walls missing, half the backyard missing...just a big hole; appliances, sinks, all fixtures missing. One has to laugh when you see "sold as is."

Jeff 

Mar 25, 2008 04:27 PM
Doreen McPherson
Homesmart ~ Scottsdale ~ Tempe - Tempe, AZ
Phoenix Arizona Real Estate ~
We have a range of looks ok to nasty, scary.  I've not seen a covered pool, lots of empty and/or green.  Some of the houses are trashed beyond belief, some are not very bad.  We have an issue with copper theft, so that is one problem that affects vacant homes.  
Mar 25, 2008 06:36 PM
Kris Wales
Keller Williams Realty - Lakeside Market Center - Macomb, MI
Real Estate Blog & Homes for Sale search site, Macomb County MI
Bryan, we're seeing alot of that here.  In fact, I now schedule the final walk throughs on bank owned homes an hour before closing and not the night or day before.  One bad experience with missing plumbing was all it took for this gal to learn!
Mar 25, 2008 10:26 PM
Matthew J Blum - (retired from the business)
Palm Beach Gardens, FL
Bryant, WOW... My parents neighbors got foreclosed on and they did the same thing. They had trucks pull up all day picking up everything from the stove to bathroom sinks.  My parents where in shock.
Mar 25, 2008 11:48 PM
Neal Bloom
Brokered by eXp Realty LLC - Weston, FL
Realtor CRS-Weston FL Real Estate
That sounds like an As-Is...where IS...who is and what is house. I guess the upgrade gremlins showed up one night and resold them to Home Depot:)
Mar 25, 2008 11:56 PM
Kelly Sibilsky
Licensed Through Referral Connection, LTD. - Lake Zurich, IL
I have shown a few...yuk is the only word I can think of. I've heard of one instance (not my own personal experience) where the owners of the home took everything...cabinets, counters, sinks, faucets, light fixtures, appliances, etc...they had an "open house" before they left and encouraged people to come and take whatever they wanted out of the house. Just gutted it. It's just plain stealing and shocking that people would act that way.
Mar 26, 2008 12:38 AM
Allison Stewart
St.Cloud Homes - Saint Cloud, FL
St. Cloud Fl Realtor, Osceola County Real Estate 407-616-9904
Broker Bryant- we are seeing more and more stripped to the shell foreclosures.  I am shocked he was even willing to offer that much!  You are a good REALTOR®...and oh so good looking!
Mar 26, 2008 02:12 AM
Susan Milner
Florida Future Realty, Inc. - Cape Coral, FL
Cape Coral Real Estate Broker, FloridaFutureAgents
The greenish/black pools are my favorite. We have many of those here as well. And yeah, even some of my short sale listings have had the appliances stolen. Really sad what people do.
Mar 26, 2008 02:16 AM
Sandra Cummings
William Raveis Real Estate - Guilford, CT
Real Estate Agent, Guilford Connecticut
This is not all the unusual here. I have seen homes with no kitchens, baths, hot water heaters, walls, pipes. Homes completely gutted. Last one had no kitchen at all, priced at market value with homes with kitchens, lender was offering $7k credit. Needless to say, listing expired.
Mar 26, 2008 02:28 AM
Bryant Tutas
Tutas Towne Realty, Inc and Garden Views Realty, LLC - Winter Garden, FL
Selling Florida one home at a time

I looked at several foreclosures yesterday and I must say folks sure ain't happy about losing their properties!!! I can certainly understand their position but have some respect for yourself. It's not the lenders fault you can't make the payments.

As always I appreciate you guys stopping by.

Mar 26, 2008 07:55 AM
Barbara-Jo Roberts Berberi, MA, PSA, TRC - Greater Clearwater Florida Residential Real Estate Professional
Charles Rutenberg Realty - Clearwater, FL
Palm Harbor, Dunedin, Clearwater, Safety Harbor
Bryant - it is sometimes amazing to see how bad foreclosures can be - I saw one where they had filled the pool in with dirt! they then put boards over the top!
Mar 26, 2008 07:59 AM
Patricia Kennedy
RLAH@Properties - Washington, DC
Home in the Capital
Now this sounds like a candidate for that TV show, "Flip This House".  That sounds sad, actually.  I'm sitting here feeling sorry for the house!
Mar 27, 2008 01:11 AM
Yvette Chisholm
Long & Foster Real Estate, Inc. - Rockville, MD
Associate Broker - Rockville, MD 301-758-9500
Foreclosures are not the bargains people think they are!  Buyers are better off looking for a well maintained house with a motivated seller.  The foreclosure/short-sale market is battering some areas worse than others in DC....and the best areas are really not affected at all.
Mar 29, 2008 02:00 AM
Debra Kukulski, Broker Associate
RE/MAX Suburban - Cary, IL
SRES;SFR,CDPE;GRI;ABR;e-PRO Realtor, Northern IL
I have really found in our area that the foreclosures are not all as ugly as they used to be.  You could almost guarantee, a few years back, that they were going to be UGLY but that is not longer the case in Northern Illinois.
Apr 04, 2008 01:08 AM
The Michael Pierce Team
Better Homes & Gardens Kansas City Homes - Leawood, KS
Kansas City Real Estate Experts
Ive never seen that type of garage door before.  It must be one of those special order ones they put on those real fancy custom built jobs? 
Apr 08, 2008 07:31 AM
Bob Black
Williams & Stuart Real Estate - Cranston, RI

The foreclosure market in my area is out of control. I'm a Realtor from Rhode Island and I've seen some of the worst conditions imaginable. It's very common for the homes here to be missing all of the copper throughout the house. Thieves will even go so far as to tear open walls to remove the copper as well as removing all furnaces, water heaters, gas and water meters from the basements. As you can imagine basements usually get flooded from the removal of these things. It's not a pretty sight.

It's very typical for the rest of the property to be missing things such as light fixtures, sinks, radiators, appliances, kitchen cabinets and windows. Pretty much anything that would have value on the secondary market. I'm never surprised when I walk into one of these properties. It's usually a shock for someone who's not used to being in these types of homes.

The last thing we have to look out for are squaters or drug addicts who have broken in to get out of the cold or to hide out. It can be very scary to stumble upon a desperate drug addict who feels cornered. I always walk the exterior of the homes to make sure it hasn't been broken into. Ahhh the glory of being a Realtor!

Be safe.

Bob

 

May 30, 2008 12:04 PM