All I can say in one word is..........uninhabitable

Last week I received a call from an out of state bank.

They found me through my blog....and wanted to know if I would be interested in listing an REO they had in inventory. I said ..."of course I would...where is it located?"

The property was located in another county but I wasn't too far and had some knowledge of the area. They explained to me that the property went into foreclosure and they were the new owners. They also told me that they were allowing the people who foreclosed on it to pay them a reduced rent and stay there.

The bank asked me to go to the home and take some photos and then give them my BPO analysis of what I thought I could list it at.

There were some other issues that were going on regarding these tenants and the bank instructed them to cooperate with me and let me have access to the property. I called and finally got an appointment to meet them...inspect and take photos of the property.

Before I went over to see it I was trying to visualize the situation. I figured I was going over to a home that was probably not in one of the best neighborhoods but I assumed I was going to meet a nice family that just happened to be down on their luck. I did this because I didn't want them to think I was there to throw them out but I also needed to have complete cooperation with giving other agents access the property and get it sold quick. I also figured the property probably was in fair condition.

Below are some photos of what I really walked into.....I was pretty surprised at what I saw

As you can see.... this is the exterior front view

Take a closer look at this shot of the front window...you'll notice the glass has been broken and there is a sheet covering the hole...I wonder if my showing instructions should read "Stick hand through window....turn left and rate lock."

That's how we had to get in when one of the tenants came to let me in.

I guess they were sending out their laundry.

This appears to be a the great room but I doubt they were watching any sporting events lately.

Although this home had window A/C units....it also had vents installed for central air but as you can see...that is no longer included.

I'm not sure what they were mailing but I don't think there was enough room for all these cement blocks

This photo shows that there is potential here.

As you can see ...it appears that the money must have run out and so did the people.

This could have once been a nice place to enjoy a backyard barbacue but I think they need a lanscaper first.

When I went back with my analysis I told them that it was virtually impossible to put a value on this property in it's unlivable and uninhabitable condition...but if it was cleaned up and renovated it would probably be values at a range of 165K-175K according sales over the last 90 days.

These are just a few of the photos....it's a whole lot worse...there was animal droppings and I would suggest a mold and or air quality testing.

The moral to this story is that from what I was told....a person paid 80K for this and was convinced into refinancing this with another occupant and then the equity was cashed out and gone. When the owner foreclosed ....they owned over 200K.

It actually turns out that nobody was living there but they were paying rent. I can also assure you that no one could live there in it's present state.

Go figure...I smell something...do you?

For more information please contact Neal The Real Deal Bloom-CRS-Realtor® /Remax Premier Assoc.

2500 Weston Road ,Suite 103

Weston FL 33331

(954)608-5556

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