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Foreclosures, swimming pools and thieves!!!

By Bryant Tutas

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

July 24, 2008 09:01 AM

I'm dedicating this post to swimming pools. That's right...swimming pools. We have swimming pools everywhere in Florida. Here is a picture of our pool.

Want to go swimmin'?

This is what they are supposed to look like, sparkling, refreshing and very inviting. It makes you want to jump in doesn't it?

Now contrast our swimming pool with these.

This is what pools look like when the property is a REO (bank owned) or a short sale. Not all the time but certainly most of the time.

Needless to say these can be a HUGE problem. There are probably 1,000s of pools, that look like these, throughout Florida. The first thing that comes to mind is "Mosquito Hell"!!! Not to mention snakes and a myriad of other creatures that we have not been able to identify. Here's an article from The Orlando Sentinel about this issue.

Another problem we have is the theft of pool equipment and heaters. I met Andrew Cox of Cox Inspections and a fellow ActiveRain member at one of my pending REO properties this morning. Andy beat me there but called minutes after his arrival to ask me where the pool pump, filter and heater were. Beats me. I swear they were there 5 weeks ago when my buyer and I negotiated the deal. Good thing we have the right to inspect and CANCEL!!!

Pool pump and filter

So folks, foreclosures are affecting the market in many ways. Can you imagine living next to one of these pools?

Oh well....that's all I got for you today. I'm going swimming!!! Want to join me?

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TheMillsTeam YourSebringRealtors

Advantage Realty #1 - Sebring, FL

863-212-5441

One more reason for the banks to be more cooperative when it comes to negotiating short sales:
"Be more resonable - don't loose even more value than you already do!"

Jul 25, 2008 04:10 AM

Bryant Tutas

Tutas Towne Realty, Inc and Garden Views Realty, LLC - Winter Garden, FL

Selling Florida one home at a time

Holy crap!! I leave for a day and get slammed with comments. Thanks!!

Katerina, Your market and my market are like night and day. Owners in Poinciana are just walking away. Most of these homes were investor owned or either the sellers have already moved. They can't afford to maintain their properties and keep up with their new rental. Some own other houses. These pools are a real problem.

Barry, I actually have all 3 of these houses under contract. The first 2 are short sales and had multiple offers on them once we got the price low enough. Both are being purchased by end users. One is going FHA and the other VA. So the pools will have to be cleaned prior to appraisal. I have the seller side on one and both sides on the other. The 3rd home is a vacation home near Disney and I have the buyer side for a guy in England. The lowest sale in the community has been $179,000 we have this house(REO) under contract at $141,000 cash. It's a 5/3 just a few miles from Disney. Unfortunately when we placed it under contract the pool equipment was there. We will be negotiaing a further discount from the lender next week to cover the costs of replacemet.

There are certainly many investor buyers like yourself but there are far more "average Joe" buyers out there. Should we not help them? Shouldn't they also have the opportunity to get a deal on a house?

Also, remember that you are always commenting from the perspective of an investor buyer I am writing from the perspective of a listing broker. These perspectives are from opposite sides of the equation.

OK everyone, Pool party at my house!!!! TLW is cooking!!

Jul 25, 2008 05:01 AM

Andrew Cox

Cox Property Services - Kissimmee, FL

Cool - I've got my floaties on, and the SPF300 (I dont want to burn!)

I've seen other properties in the area that are selling at bargain-basement prices - Kissimmee, Clermont, St. Cloud, but nothing with the frequency and consistency of Poinciana.

In 2000, I was renting a 3/2 house in Poinciana, and the owner offered to sell to me at $55K. That house (built in 1988) last sold in 2003 for $149K. That's an increase in value (?) of $94,000 in just 3 years!! It's not for sale now, but if it was, I'm sure it would not be valued that high.

Jul 25, 2008 12:14 PM

Gary Bolen

McCall Realty - South Lake Tahoe, CA

CRS - Lake Tahoe Real Estate Information

What is that around your simming pool? That's a screen. And why do we have screens? Because there are bugs that bite. Come to think of it, we don't have any of those up here. No humidity to speak of either. Am thinking of not moving anytime real soon.

You were missed t his last week, as am sure you know.

Jul 25, 2008 03:10 PM

Anonymous

Barry cunningham

"There are certainly many investor buyers like yourself but there are far more "average Joe" buyers out there. Should we not help them?"

Well of course BB. As you are finding, when there are problems, they have to be attended to before a bank will fund. Often times deals fall apart as no one wants to ante up. I was just thinking about agents including both pools of prospective buyers.

Congrats on the contracts!!

Jul 26, 2008 12:47 AM

#44

Edie Lomason

Michael Saunders & Company - Venice, FL

BA, ABR

You forgot the pool with the wood frame and chiken wire over it. The banks have been doing a lot of that for liability reasons. How do you inspect that?

Jul 26, 2008 01:42 AM

* Rate A Home

Rate A Home - Saugatuck, MI

Bryant, hope your swim was a good refreshing one. That is sad when they walk off with the equipment and let the up keep get away from them. Still feel it would be advantageous for the banks to hire handy men to take care of these homes which will net them a better return on the selling price.

Jul 26, 2008 09:25 AM

Gary White~Grand Rapids Home Selling Pro Call: 616-821-9375

Flexit Realty "Flexible Home Selling Solutions" - Grand Rapids, MI

Real Estate Services You can Trust!

You can hardly think of dealing with getting the water back in shape, the equipment even if it is there has been baking without being used. Of course the theft of the equipment just adds insult to injury and lowers the value. I am sure you are right...they look like this all over Florida and it doesn't take long either. Nice post Bryant.

Jul 26, 2008 03:23 PM

Todd Clark - Retired

eXp Realty LLC - Tigard, OR

Principle Broker Oregon

Hey what is a swimming pool? I've heard of them but with only 13 days that get about 90 degrees here a year, I'm not sure what they are used for? Is that some kind of hydroponics place for growing your own fruits and vegetables inside without soil? We have a few of those here, but they are used for growing grass, hippie weed, cannabis, chronic or whatever you want to call it.

Jul 26, 2008 05:24 PM

Chuck Willman

Chuck Willman - Alpine, UT

NewHouseUtah.com

Sure... I'll go for a swim. Pool number one of course... the other three look too adventurous.

Jul 27, 2008 10:29 AM

Gary L. Waters Broker Associate, Bucci Realty

Bucci Realty, Inc. - Melbourne, FL

Eighteen Years Experience in Brevard County

I have seen these pools - several just last week. One agent told me the pool was cler the previous week - sure, it was! Yep, you never know what is underneath the murky mess.

Jul 28, 2008 12:00 AM

Anonymous

I'll join you as long as you're swimming in your own pool. Yuck to the other ones! (Starting to see some of those around here now that the snow/ice is off of them. Mosquito infestastions also along with them...)

Jul 28, 2008 12:05 AM

#51

Anonymous

andrewa

I dont know about florida but in south africa (thats where BB's automatic pool cleaner was invented) we would just dump in some copper sulphate......it kills mossies and green stuff and turns the water blue. A pool drained and not made out of gunnite will crack as the water pressing OUT compensates for the surroundings pressing IN

Jul 28, 2008 08:49 AM

#52

Anonymous

andrewa

The copper sulphate is for an absent neighbours pool to clear them up for you a large dose of calcium hypercloride (thats the water purification tablets they give you in the US army/marines) or even FRESH chlorox (chlorine bleach) - it goes stale for pool use after about 6 weeks - will work cheaply - (but NOT as cheaply as copper sulphate) the problem with copper sulphate is it can precipitate out onto a gunnite or concrete lining causing black stains but NOT on a fibreglass, painted, ceramic or plastic lining.

Jul 28, 2008 08:57 AM

#53

Bryant Tutas

Tutas Towne Realty, Inc and Garden Views Realty, LLC - Winter Garden, FL

Selling Florida one home at a time

Andrewa, Now that's interesting. I had never heard of using copper sulphate before. I also didn't know the "baracuda" was invented in S Africa. I guess it's truw we learn something every day.

Jul 28, 2008 10:32 AM

Allison Stewart

St.Cloud Homes - Saint Cloud, FL

St. Cloud Fl Realtor, Osceola County Real Estate 407-616-9904

Due to our high heat and humity surprisingly, it does take long for a pool to turn into a dark dank nasty uninviting mosquito breeding ground. Sometimes it is only a matter of a week or two before the progression begins.

The missing pool equipment, is becoming a larger problem not only here, but everywhere.

Symptomatic of desperate actions, of desperate people doing extrodinary things in desperate times.

Jul 29, 2008 01:23 AM

Ronald Gillis

Southwest Florida Notaries (Mortgage Notary Signing Agent) - Port Charlotte, FL

CNSA Southwest Florida. Notaries, Port Charlotte, 941-7-NOTARY

ONLY in your pool not the others, and believe me, I am not far from you and I have seen quite a few pools like the ones you pictured! YUK!

Aug 01, 2008 12:05 PM

Doreen McPherson

Homesmart ~ Scottsdale ~ Tempe - Tempe, AZ

Phoenix Arizona Real Estate ~

Want to join me?

Only if it's in YOUR pool! :)

We have a big problem with copper being stolen from anything and everything.

Aug 02, 2008 05:44 PM

Daniel Sundberg

Crystal Springs Real Estate - Kentwood, MI

Furnaces, copper plumbing, air conditioning condensors, refrigerators, is just the short list of what I've seen stolen from houses this summer. Even heard a story about all the windows getting stolen out of a house.

Aug 12, 2008 03:32 PM

Shawn Martin

Crosby Inspections - Vancouver, WA

When ever I do a REO inspection. Usually right after the locks have been changed. I take pictures and record the serial numbers of the all the heat pumps, a/c units and and anything else on the exterior that someone would like to get their hands on. My clients seem to like it. We have a lot of metal theft out here and this way there is a written docoument if anything is recovred from a theft.

Shawn

Sep 13, 2008 03:36 PM