I Expect This in a 60K REO

By
Real Estate Agent with Monument, Black Forest, Falcon, Fountain homes

I spent the afternoon previewing homes with another agent since we are trying to use the buddy system lately.    We were viewing 500k homes for an out of town buyer.  Our first prospect was a 500k short sale on 2 acres in a popular established area with similar homes.  These are typical stucco ranches with 3-4 car garages and newer features.  Most were built from 2004 to present. 

 

I was anticipating an inviting tastefully decorated interior with some unique features typical of these custom homes.  Upon entering my eyes were immediately drawn to the filthy green carpet riddled with food and pet stains.  The high end kitchen had nice features but they were difficult to ponder when my eyes kept diverting to the massive amount of flies layering the windows. 

 

Downstairs had a unique odor and once again I was intrigued by the number of flies roaming throughout the basement.  I never found the source for the flies but by then I had quit previewing and headed for the front door.  We were both grateful that it was just a preview and not a showing with her out of town clients although I'm sure it would have been the topic of discussion for the rest of the trip. 

homes for sale

 

Basically this would have been expected in a 60 thousand dollar REO after evicting transients, but this was a $500,000 home in a nice area.  It was still occupied.  This was a short sale and obviously the objective was to get an offer and negotiate to prevent foreclosure. The responsibility lies with the owner to clean their home, remove foul odors, cooperate with showings, and actively participate in the short sale process. I'm pretty sure I'll see this one on the auction block. 

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Topic:
Home Selling
Location:
Colorado El Paso County Colorado Springs
Tags:
short sales
homes for sale colorado springs
staging homes
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Rainmaker
656,312
Gwen Fowler-864-916-2019 SC Mountains Lakes Homes
Gwen Fowler Real Estate, Inc - Salem, SC
Gwen Fowler Real Estate, Inc.

The bank should know the condition and go ahead with the foreclosure.  I don't think the foreclosure will cost as much as a house that does not show well because of house keepping.  Sellers need to understand that they have a part in this and housekeeping is a major part of a short sale.

Sep 29, 2010 03:57 AM #1
Rainer
145,203
Andrzej Niemyjski
Realty One Group - Sun City West, AZ

In my area most of the time REO listings are much cleaner than Short Sale listings.  The only explanation I can come up with is that short sale seller doesn't want to put a single penny to that house anymore which also includes cleaning.

Sep 29, 2010 03:59 AM #2
Rainer
23,872
Shawn Harris
Artisan Group of Keller Williams Realty - Bel Air, MD
Realtor, CDPE

Some people just don't want help if it requires any work on their part.

Sep 29, 2010 04:02 AM #3
Rainmaker
152,075
Denise Roberts
New Colony Properties, LLC - Pinehurst, NC
e-PRO, REALTOR - Specializing in Pinehurst, NC Area

Sounds like it is occupied by tenants???

Sep 29, 2010 04:08 AM #4
Rainer
93,559
Lorraine Sayer
Monument, Black Forest, Falcon, Fountain homes - Colorado Springs, CO
Realtor ABR,CDPE,GRI - Colorado Springs,CO RE/MAX

Gwen: In this case I think you are right...head to foreclosure.  The owners are definitely not interested in helping the sale

Andrzej: I have seen cleaner REO properties as well.  I understand short sales usually show some neglect but this one was scary dirty. 

Shawn: So the $64 question here is should the listing agent move on and pull their sign knowing the seller is not cooperating?  I interview my short sale owners to see if they are going to participate and if not I move on. 

Denise: Nope it is owner occupied.  I would understand the condition as well if it had been tenants because they have no motivation to help in the process.

Sep 29, 2010 04:26 AM #5
Rainmaker
152,075
Denise Roberts
New Colony Properties, LLC - Pinehurst, NC
e-PRO, REALTOR - Specializing in Pinehurst, NC Area

OK....so, it IS owner-occupied.  I sort of feel sorry for these folks.  Of course I don't know all the circumstances, etc.  But, sounds like the owner's have lost all hope and they've gone to that 'dark' place and they just can't see the light.  Too bad, someone can't snap them back into reality before they lose their home.

Sep 29, 2010 04:32 AM #6
Rainer
93,559
Lorraine Sayer
Monument, Black Forest, Falcon, Fountain homes - Colorado Springs, CO
Realtor ABR,CDPE,GRI - Colorado Springs,CO RE/MAX

Denise:  You are correct that some people completely shut down as a coping skill.  Unfortunately the Realtor is trying to help them but they are not helping themselves by keeping their home clean and presentable.  This is a gorgeous home that could sell with a little help and I hope their agent steps in.  Short sales are a tremendous amount of work but with team effort many do succeed. 

Sep 29, 2010 10:12 AM #7
Rainer
25,240
Lynn Edgin
Keller Williams Clients' Choice - Colorado Springs, CO
GRI, SFR, REO

With the Short Sales and the government bailout of the Short Sale Lenders, my time is better spent with REO's.

Sep 30, 2010 03:55 AM #8
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Rainer
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Lorraine Sayer

Realtor ABR,CDPE,GRI - Colorado Springs,CO RE/MAX
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