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A Day in the life of showing junky bank owned properties in Taunton

By
Real Estate Agent with Top Agent Serving Dighton Taunton, Rehoboth and more! 9525483

I get ready to show these homes dressed in jeans and my worst pair of boots. Its about 30 degrees Farenheit, but need to dress warm because these houses are cold with a capital C.

So on go my jeans, my "play" coat, warm socks, my old boots.. hat, flashlight.. oh no.. ran out of batteries! No flashlight. So I call my investor clients to see if they can bring their own.

I will spare you some of the details,and cannot post pictures because I don't have permission from the lsiting agents, but  this is a basic day of showing junky foreclosed properties.

First Showing/First Investor: UUGGLLY! Wow! This one looks like somebody bought the house with intentions to flip after they rehabbed.. only problem was there were several projects started, but never finished. Also, the typical bank owned listing with missing plumbing, no heat, burst pipes, etc.After all is said and done, the contractor says.. "needs about $100,000 in work or tear down. Not too bad in terms of trash or other unsightly sights, but needed a whole lot of work and probably not worth my buyers time or money.

Second Buyer/InvestorNOT BAD! This one only needs paint and some minor cosmetics. probably one of the best bank owned houses I've seen in awhile. The lockbox was even intact. No fumbling with keys, locks... perfect showing

Third house: This one, a multifamily in a questionable location. NASTY<YUCCKY< UGLY<GROSS!!!!! Well, we did get in! Needs about 5 dumpsters to remove the clutter, tires, windows, glass and other garbage outside. Inside.. oh no.. moldy, stinky, gaping holes in the roofs, stinky upstairs, to the point of gagging!, missing copper,missing plumbing, missing appliances, cut pipes etc.This one somebody should just tear down. Not worth the asking price.. even if we were in a sellers market. Needs about $100,000 in work according to the contractor. Again.. not worth it.

Fourth House: We get to the door and hear a smoke alarm. I have to call the listing agent because I have the wrong lockbox number. I panic because I don't see a door key.. OOHH.. its one of those small padlocks! Boy.. now I feel safe.. NOT!~ We finally get in. This one looks great on the first floor, it is a 2 family. so head up to the second floor.. OH NO! The entire second floor is near gutted. This one won't do either! Also stinks.. where is my Purell? What is that mess on the floor.. what the heck IS that? next..

Where is my PURELL?

Fifth House:

After reading the MLS listing again, we cancelled the showing.. apparantly, the listing agent was kind enough to let us know "there are major board of health violations" I think all of the properties except one had major board of health violations. Only one of the actually disclosed! 

One of the reasons I don't, as a rule take first time home buyers to bank owned properties is that most of them are real junkers. The buyers lender, chances are will nix the loan if its FHA. Most first time buyer loans are FHA or VA.

Oh.. I finish my day, but going home, scrub my hands, wash my face, change my yucky clothes that have the "bank-owned property aroma".

By the way, believe it or not, I do like showing these homes. I help my buyers get great deals on them!

I am slowly getting over the disgusting things I see.

I am a buyers agent for bank owned properties. There are still some good deals in fair condition on the market, you just have to "kiss a lot of frogs to find that one prince of a house"

If you are in the market for a bank owned property, please contact Lori Lincoln at Keller Williams Realty. Lori Lincoln serves Greater Taunton Massachusetts Real Estate and surrounding communities including Middleboro, Fall River, Rehoboth, Assonet, Freetown, Dighton

Thank you for viewing my blog

Lori Lincoln

lorilincoln@kw.com

508-878-0917

for more information on selling tips, buying tips and real estate trends/school reports go to http://LoriLincolnTeam.com

 

 

J. Philip Faranda
Howard Hanna Rand Realty - Yorktown Heights, NY
Associate Broker / Office Manager

I love this business, but one thing I absolutely hate is freezing my gluteus maximus off in an unheated home. bbrrrr.

Jan 03, 2009 10:41 PM
Kris Wales
Keller Williams Realty - Lakeside Market Center - Macomb, MI
Real Estate Blog & Homes for Sale search site, Macomb County MI

On the bright side...in 30 degree weather the smells aren't as overpowering :-)

I had to laugh...I showed foreclosures yesterday also.  One of them was actually clean and odor free.  Naturally we lingered longer in that one!

Jan 03, 2009 11:47 PM
Lori Lincoln And Associates
Top Agent Serving Dighton Taunton, Rehoboth and more! - Taunton, MA
Top Agent Taunton,Dighton Rehoboth &more

Kris,

A veteran agent told me to put Vicks vapor rub under my nose!

Jan 03, 2009 11:56 PM
Lori Lincoln And Associates
Top Agent Serving Dighton Taunton, Rehoboth and more! - Taunton, MA
Top Agent Taunton,Dighton Rehoboth &more

Roland,

It is a shame to see this kind of destruction. People get angry over the loss of their homes for different reasons.

Jan 03, 2009 11:56 PM
Lori Lincoln And Associates
Top Agent Serving Dighton Taunton, Rehoboth and more! - Taunton, MA
Top Agent Taunton,Dighton Rehoboth &more

Patty- some of the previous homeowners think they can sell the light fixtures, stoves, etc. Also, I am finding that the bank that owns the homes usually has the appliances removed because of squatters

Jan 03, 2009 11:58 PM
Lori Lincoln And Associates
Top Agent Serving Dighton Taunton, Rehoboth and more! - Taunton, MA
Top Agent Taunton,Dighton Rehoboth &more

J.

Freezing is an understatement.. borderline frostbite!

Jan 04, 2009 12:00 AM
Lori Lincoln And Associates
Top Agent Serving Dighton Taunton, Rehoboth and more! - Taunton, MA
Top Agent Taunton,Dighton Rehoboth &more

David,

You are so right. It is unfair to the buyers agents to show a house that has issues that aren't disclosed. Listing agents should be checking them every week.

Jan 04, 2009 12:03 AM
Diane Bell, Hilton Head Real Estate, Bluffton
Charter 1 Real Estate, Hilton Head, Bluffton, SC - Hilton Head Island, SC

Gosh, I bet a nice hot bath was what you needed that evening.  Sounds like you had a dismal day.

Jan 04, 2009 12:37 AM
Bill Gillhespy
16 Sunview Blvd - Fort Myers Beach, FL
Fort Myers Beach Realtor, Fort Myers Beach Agent - Homes & Condos

Morning Lori,  You may have come up with the marketing phrase of the year- "bank-owned property aroma". !  Quick, slap a copyright on that baby !  Hope your 2009 is the best ever !

Jan 04, 2009 12:41 AM
Kris Kombrink ~ The Kombrink Team
RE/MAX Excels - Chicago's Western Suburbs - Geneva, IL

Lori, SCARY! I would not even being showing the ones with health violations, right!  We just started working with a bank to market their properties.  Luckily, we have a bank that cares and before we list it they do a trash out, replace flooring if needed and repaint the interior.  Granted they are still cold this time of year since they winterize them.  This has a positive effect since of the 5 they have given us in the last 2 months, 4 have already sold.

Twitter

Jan 04, 2009 01:16 AM
Suzanne Sands
Pavao Real Estate - Somerset, MA
Somerset MA Real Estate

Hi Lori,

It has been freezing around here, but sounds like you are working hard! At least you were smart enough to dress for the occasion...I have ruined some nice clothes showing nasty homes! LOL! Happy New Year, my friend! :)

Jan 04, 2009 01:18 AM
Anonymous
Ed and Celia Maddox

Same experience in sunny Arizona.  Just have to remember, even though we are working twice as hard, for half as much, it keeps bread on the table.  Also keeps us in the game while other agents are dropping like flies.

Your Queen Creek Real Estate Specialist,

http://www.QueenCreekRealEstateSolution.com

 

Jan 04, 2009 02:27 AM
#32
Bill Gassett
RE/MAX Executive Realty - Hopkinton, MA
Metrowest Massachusetts Real Estate

Lori there is no doubt there are some real dogs out there. Every now and then you find a gem but you usually are looking at quite a few before you find that one.

Jan 04, 2009 02:42 AM
Pat Laracy Baker
Realty Executives Boston West - Holliston, MA
Pat Baker Dream Home Maker

Hi Lori, it is tough going to these houses.

Jan 04, 2009 02:57 AM
Judy Jennings
Top Agent Plus - Middleboro, MA
Tap into Judy's real estate expertise & resources.

Lori,

I might have shown some of those properties you refer to in your post.  I try to warn people, generally the price reflects the condition, if you are looking at properties that are priced at "too good to be true" prices.... you know what I mean - it is too good to be true!

I agree, you kiss a lot of frogs when dealing with bank owned properties.

Hope to see you out there.  Maybe we can meet and have some coffee.  I'll buy.

Judy

Jan 04, 2009 08:08 AM
Edward moloney
Edward Moloney Loan Officer GMH Mortgage Services - Holliston, MA
Loan Officer Providing 5 STAR SERVICE

Lori

Great post. I work with a ton of first time buyers and they are finding that certain towns have better conditioned foreclosed homes then others. The reality is that when counseling the client in the first education meeting I go over this with them. The reality is some of the homes that agents show first time buyers there is no way for them to get financing so it makes no sense. In my opinion there is a ton of options out there and it is all about fitting the proper clients with the proper situation. Some clients are handy and others are not. Congrats on a great post. How do you keep your first time buyers expectations and best interest inline?

Jan 04, 2009 11:24 AM
Charles Stallions
Charles Stallions Real Estate Services - Pensacola, FL
850-476-4494 - Pensacola, Pace or Gulf Breeze, Fl.

Sounds like a day in the life of a Realtor. This is where the business is and although it isn't pretty I am glad to be selling them instead of the alternative. Fortunatly ours have actually been in really good shape, sellers have just walked away.

Jan 04, 2009 11:30 AM
Kelsey Barklow
Hurd Realty - Johnson City, TN
423/948-9154

I've seen some doozies too. Yuck, gross, ewe (sp), gag, etc. I don't necessarily like it but I do it if my client wants an REO.

Jan 04, 2009 11:31 AM
Anonymous
Too funny

Great description.  I can almost smell the odor you descibe.  We've all been there but, unfortunately, we're there more often now.

We see everything in this business, don't we? 

I recently showed a home in a very nice established neighborhood where the previous owner had purchased it from the builder some ten years ago with the intention of finishing the interior himself to save money.  Apparently, the gentleman then became quite ill and ended up living in this completely unfinished home for all these years.  It was beyond comprehension.  There were wads of paper towels stuck inside the unfinished edges of the windows where insulation and finished trim should have been. The floors were bare plywood.

I have no idea how he got a CO. Someone must have dropped the ball.  Not sure where his family was allowing him to live under those circumstances but I don't know the whole story.  Very sad.

When I show foreclosed homes and see the broken dreams represented it really makes me appreciate what I have.

 

 

Jan 04, 2009 11:50 PM
#40
Anonymous
Anonymous

Lori, that is a day I am very familiar with.  Working in Northern Michigan we experience verrrrry cold temps and 30 would be a warm day lately!  Bank homes are not pretty ususally but can be great investments for the right buyers.  Hope your investors decide to write an offer one one.

Jan 05, 2009 01:42 AM
#41