In Pueblo we have an abundance of foreclosed properties. You can purchase an "inhabitable" home for as little as $35,000. I've seen a few for even less. And, by inhabitable I mean the plumbing is still attached to the house, there is a furnace sitting there, a water heater is visible, there are windows and doors. (some of which may or may not be intact or working) If somebody wanted to move in they could.
I have several buyers who call themselves "investors" who look at these houses. Of course they are looking for a good deal, who isn't? But they continually offer considerable less than asking on houses that continually sell for more than asking. My "investors" looses out.
Recently my buyers and I have found some really great deals, in my opinion and theirs too. When we walk in one of these properties one of my buyers says "it smells like money!" I usually smell the common factor of cat or other pets. But what he means is that the house needs some clean up and very little money to do so. But he consistently offers below asking and I get to practice writing up offers. He rarely gets these properties, but when he does he gets them at HIS price. And I don't blame him. Every house I've ever purchased for myself I've gotten at "my price" but I've lost several too. I never lead or write an offer with my heart.
What does make me happy however is later when you find out that the house sold to somebody who is actually going to live in it, hang their pictures, hang out at the local park and send their kids to the area school. This house ends up being "their house" pride of ownership and all that.
My investor can continue the hunt for the perfect house that "smells like money" and I will continue to assist him in his efforts. I'm not sure what the moral of this story is - I'm happy people are getting into homes, "investors" are somewhat active and the wheels of real estate are turning. The smell of money isn't exactly greasing the wheels and I wish the wheels were turning a little faster.
Comments(2)