This one “smells” like a foreclosure.

I just ran into that with a new SS listing we have, and I have shown many of this kinds of properties. Reaching for a new perspective - as it is obvious - poor condition = poor price, I can only conclude, with compassion, that this is results from the emotions of the situation - for the person in this situation there is no motivation to care about the environment - it is not a matter or wrong or right, it simply is, and yes, it literally stinks at times.

Oh, you are so right.  And, by spending some money on touch ups, you are supporting the local community members (e.g. painters, cleaners, handymen) and boosting value to the home which will help the neighbors.

There are some banks who do the right thing and make the repairs. More should do the same. There is nothing more stomach turning than showing a house with all those nasty smells.

Richard,

One of the simplest things to do would be to make sure there is water in the drain traps of long vacant homes.  When the trap dries out and sewer gas smells take over, it can be breathtaking...

You are right...and, then maybe they can provide more than one lonely outside pix in mls too!

Some of our foreclosures are freshened up and some are not.  You never know until you walk in what the inside will bring us. 

Richard...I have been pretty quick to remind lookers - not to open the fridge door, after power had been off for a period of time...but not always have I been quick enough.

I have seen many houses that were good condition until the banks yanked the owner's chain. Sellers try to do the right thing but banks turn down good offers.

Your post is another example of how the banks could avoid tremendous losses if they would let the house sell in a short sale. Short sale offers are often so much higher than the liquidation price a year later as a neglected REO.

If only the banks understood this!  A few months ago, I was waiting for some clients outside of a REO home and watched some buyers walk into the house with another agent. They spent perhaps 30 seconds in the house.  The reason:  The stench of pet urine and who knows what was unbearable!

We don't have many foreclosures in my market area and they sell pretty quickly once they go on the market, but I can only imagine what a home with sewer gases and urine smells like in hot, humid weather in a property that's been closed up for over a year!  REO agents should be required to check on their properties once in a while and be able to get the bank to authorize minor repairs.

Banks know they just don't care. There still making money with the "loss" and we foot the bill.

You can put a bow on a pig but the reality is " she's cute" lol

Enjoy the day

Yep, every once in a while I run into one that is so gross you can't even enter and feel like you need to take a shower!

Smelly homes are terrible and anything will sell as the price approaches free, but you are right about hurting neighborhood values.

It's taken some banks 5 years to figure this out. Spend $5k cleaning painting and carpeting and get a net of $10k more as a reward. I should run the REO program for the US...short sales too.

Some reo listings aren't too bad, others make you feel like you need a shower after you walk out the door and just like ANY listing buyers will immediately start lowering any amount they'd be willing to pay....if they can get past the stench

I went to one REO where the deadbolt was completely missing. I could smell the house when I was 10 feet away, the stench was wafting out the hole in the door.

For the buyers that can get past that part of these properties, they are the ones making the extra.

I work with a lot of different banks.. I have to say I much prefer to work with the ones that repair the homes.. or at the very least, clean them up well..

I am always amazed at the state of some of these homes.  Seems like they would make so much more if there were even minor repairs made.