Yesterday one of my buyers drove by a house that seemed to be of interest. They said that they saw two signs on the front lawn, one for sale by owner, and one was an agent sign. They were curious why there were two signs on the front lawn and so we drove over to the property. I called the agent. I said what is going on with this house and may I show it to my buyer.
The secretary said, just a moment please. The agent got on the phone. He said that the owner had bought the house at auction 9 months ago. He had paid $1,210,000. While he was deciding what to do with it he rented it out to a group of students for about $3000.00 a month. The students stripped the house of everything. The kitchen is gone, the bathrooms are gone, the floors are wrecked and the house is in total disrepair.
The market has deteriorated since he purchased this house and now he has to put quite a bit of money into it to restore it so he can sell it. The agent said that the owner put the for sale by owner sign out because he is hoping against hope that someone will come along and pay him at least what he paid for it.
Unlikely in this market.
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