REO - Remove Every Option?

I had to write about this one today. 

Unless you've been living in a cave, you're well aware of the housing crisis in most parts of the country.  Here in lovely Bel Air, Maryland and surrounds, many of the houses currently on the market are foreclosures/bank-owned properties or as we pros like to call ‘em -

Real Estate Owned (REO). 

These are properties where the owners have defaulted on their loans and the bank has foreclosed. The bank now owns the home.  However, lately, I've personally been calling them Remove Every Option(s).

Why, you ask? 

Because I never cease to be amazed at the condition of bank-owned properties.  

Don't get me wrong, an REO can translate into an amazing deal for a qualified buyer.  However, for your average Buyer's Agent, showing these properties can be a true experience.  It's like the former owners have gone out of their way to remove any and every thing of value or convenience.  And if the former owner could not physically remove everything of importance from the property, they've done whatever's needed to destroy what gets left behind.

Case in point - last night, I showed a 3 year-old home that was missing (among many other things) a thermostat.  Normally, this would have been something that generated a mere"...hmmm, that's interesting..." from me. 

But not last night.

Last night that missing thermostat generated more of a,"Huh?...what the...?" reaction from me because this was the 5^h home I've shown in as many days that was missing a thermostat.  What, pray tell, would the former owners need with the thermostat from their former home?  Would this oh-so-important faceplate that controls the heating and air of their former home be of use in their new home?

Inquiring minds want to know.

I can understand why many REOs are missing

•·         appliances.  Perhaps sold for quick cash or removed for use in a future residence?

•·         light fixtures and/or ceiling fans.  Perhaps same as above?

What I don't understand is the missing thermostat.  

•·         Or the missing doors.

•·         Or the missing switch plate and/or electrical socket covers. 

•·         Or the holes in the walls.

•·         Or the fresh pet stains throughout.

•·         Or the gouges in the wood floors.

In a 3-year old house?  I don't understand.

I guess that's why they call it an REO.

And, in my world, that's not an acronym for Real Estate Owned.

If you're in the market (wink, wink) for a great REO deal, don't hesitate to drop me a line or give me a call.  Just be sure to bring along a flashlight and an extra thermostat.

Regards,

Lanette