Having experienced this scenario several times over the last year I can say that I'm probably educated enough to give some advice to the banks and their R.E.O. properties.
Please banks, spend a little money on the properties before you list them and make sure they have major appliances (at least a range/oven) and keep the pools in clean operating condition if possible.
Now, I know I'm going to get responses back from the agents who list these R.E.O. properties stating that the banks do not want to spend additional money on the homes. However, it seems to me that this is another instance of being penny wise pound foolish.
Most lenders will not lend on properties that do not have range/ovens or are deemed unliveable. Nor will they lend on properties with damaged or non-functioning pools. And this is what baffles me about these homes. The banks should know better. Instead they are limiting their pool of buyers at the sacrifice of a few hundred dollars.
Again, another example of a huge disconnect between the banks and the market.
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