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/Investor: NOT 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
508-878-0917
for more information on selling tips, buying tips and real estate trends/school reports go to http://LoriLincolnTeam.com
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