I've been out showing homes to a few different buyers from out of town the last few days. And during the course of looking here in the Catalina Foothills we came across a couple of bank owned (REO) homes.
In both cases they were in really sad shape. Trashed, dirty, smelly, and worse. Like an abandoned building in the wrong part of town. My clients walked in and promptly walked out. I let them know that these were REO's, but there was no way, no matter the bargain, that they were going to spend more than 10 seconds in these homes.
And each of them were listed by a real estate agent, hired by the lender to sell the property. And I'm sure - I can't believe otherwise -the agents informed the lenders of the poor condition of these homes, and the difficulty they would have selling them in their present condition. Just three or four thousand would have worked wonders to make these homes presentable. And aside from anything else you can accuse them of, these lenders aren't stupid. They know better than anyone the situation in the housing market today and what it takes to sell a home.
But apparently, they just don't give a damn. Or they're just not willing to spend a few bucks to get a decent return on these properties. They'd rather write it off and let the stockholders take the hit.
It seems clear as can be to me, but maybe I'm missing something here.
In any case, few buyers will consider, or even look at these homes, so they'll likely sit unsold for a long time. If you can look beyond the mess, there may be an opportunity for a deal.
and see my web site thefoothillsToday.com
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