Home : Blogs : Kris Wales - Macomb County MI real estate blog & homes for sale search site : Macomb County MI real estate blog

I'll let the pictures tell the story - a sad foreclosure in Macomb County MI

I've written a few articles about the foreclosures here in Macomb County MI and how I feel the
banks/asset managers/whomever-owns-them can help to get these homes sold and save neighborhoods.

One of the articles I wrote laid out a simple plan, so simple that I know it won't be taken seriously by the owners of these homes. Last week while previewing a home for an investor client I took the following pictures. I'll let the photos tell the story.

Possible mold/mildew in a home that didn't have the heat on through the winter

The water main area in a basement of a
home that has been on the market for
quite some time.

Gee? I wonder how many mortgage programs
are available for someone who would want to purchase this home?

I should add, this home is priced considerably under
market value for the neighborhood. I wonder why?

Basement wall in home that had no heat during the winter months

A nice close up of the drywalled finished basement.

One would think that the foundation of this home
would be suspect. (If one didn't stop to think about
the affects of a home lacking heat during the
winter months.)

Side view of a home that has been foreclosed upon

This is the side of the otherwise lovely brick
home in Macomb County MI.

As I stood outside I didn't notice anything wrong
with the foundation. No bowing, no drainage issues,
no cracking. (I am not a structural engineer so please
take my opinions for what they are - a casual observers opinions).

The downspout could use an extender - but that is all
that I could find wrong with the exterior of this home.

As I said, I'm not a structural engineer. I'm not a plumber, or an electrician or a clairvoyant.

My humble opinion? The moldy mildewy basement could have been avoided if the home had the heat at a minimal level during the winter. The main water intake into the home wouldn't have burst and there wouldn't have been water damage in the home.

I bet the neighbors will be thrilled when this home sells for 50% or so of the market value in the area.

Contact Kris Wales - A partner for your real estate needs in Macomb County MI

Search Macomb County MI homes for Sale with MLS provided data updated daily.

Want to chat about local real estate? Visit A Macomb County MI real estate blog

Posted by Kris Wales - Macomb County MI real estate blog & homes for sale search site on 06/06/2008 06:01 AM

Comments (14)

macomb county, mi, foreclosure solutions in metro detroit, bank owned homes

This post has been included in Michigan Information Macomb County, MI Information
Post is included in group: Michigan Real Estate

14 Comments on I'll let the pictures tell the story - a sad foreclosure in Macomb County MI

JUN

2008

I bet the community will be loving it. That is really a poorly executed builders advice. The good news is it looks like an easy fix and a great deal for someone that can fix it.

Laura: It could be an easy fix. The problem is this: I don't know of a mortgage lender that will have a product for a home with active mold/mildew and the sales price will bring down the value of the whole neighborhood. Could have been avoided...

What a shame, keep blogging on it maybel someday your message about keeping utilities will get to them. What would have been a few hundred dollars in the busy months will not be thousands.

Missy: ..tens of thousands off market value. What a shame for the neighborhood. (I can state this unequivocably. I sold a home on this very street for $55,000 more than the asking price of this home just 3 months ago. )

"I bet the neighbors will be thrilled when this home sells for 50% or so of the market value in the area."

Ouch the day that happens! You can only sympathize with the home owners who will take a hefty hit to their properties value.

Ricardo: Sad isn't it? The foreclosure probably couldn't have been avoided, but the aftermath on the neighborhood could have.

This could have been easily fixed- What ashame!

Jeannette: It really is Jeannette...a darned shame.

Looks like a major rehab job for a cash buyer with a lot of confidence!

Kris, you should see the one I was in the other day, on a crawl, no basement, but mold everywhere, and there were even mushrooms growing out of the bedroom carpet!! That's the first time I've ever seen that!

Gary: I'm not an expert, but I don't think it will be a major rehab. However the mortgage lenders won't lend on a home with active mold/mildew. That's the biggest issue and why it will sell so far under market value.

Mike: You should start carrying your camera with you. If enough of us show this side of what we've been complaining about, then perhaps change can occur. Mushrooms? Goodness..that would be a first for me also.

Kris, Mold removal can be a huge issue....I'm not sure about an "easy fix" here. Having experienced it, it is expensive to have mold remediation...and enviormentalists. What a shame.

Carole: This appears to be confined to the finished basement (one wall). As it is a drywalled basement it appears that one could remove all the drywall from the home, clean up the basement and have it inspected. Had the bank done this they would have been able to clear up the problem and relist the home at a much higher price. Gee. Why didn't they think of that?

JUN

2008

I've seen similar mold/mildew in that type of location. Chances are the "growth" was caused by condensation from the water meter.

Leave a response…

Name:

Email:
(optional)

Comment:

What does the graphic say?