Foreclosure Real Estate Isn’t Always The Best Deal
Sunday evening I met a buyer to look at a foreclosure home listing just North of Bonita Springs, Florida. The foreclosure real estate market in parts of Bonita Springs, Estero and South Fort Myers moves swiftly so we drove to look at the home right away. What seemed like a great deal ended up maybe not being what this young man really had in mind. The home listed was priced at about $100,000 which for that neighborhood is a great price. We once had an offer in that neighborhood that fell apart so we’re always watch and waiting for the next opportunity.
We weren’t two steps in the door and I looked at the buyer and said, “Mold.” I can smell right away since I’ve smelled it so many times. A little poking around and we actually found it, too. Black mold growing up the wall.
Buyers call me all the time looking for a foreclosure in Bonita Springs. They want a foreclosure home. They have to boy a foreclosure. They have a one track mind. I wonder if they think telling all their friends that they bought a foreclosure home in Florida is sexy. Hey, I can tell buyers right now that there are foreclosure deals, but there are also owners with equity that have to reduce to compete with short sales and foreclosures.
Follow me on this. Buyer John does the math for his beat all to hell, foreclosure home on Sunday in sunny Bonita Springs.
Chris,
What timing! Really amusing...
A colleague just left my desk where we had this conversation nearly word for word, except the "Does this foreclosure make me look thin and sexy?"
Why buy all the hassle when there is product right there ready for living?
Read the "other" blog first and commented - all I can say here is "use good common sense"...and yeah, I think it's a challenge for people, like the ones on ebay who outbid on stuff so they can say they won it...even if they pay three times what it's worth. lol
Lesson 101 on SEO "Thin and Sexy" on April fools day..................
I went and read the whole thing. Really great points you make and your bottom line was classic. It's not all hearts, flowers, etc.
Chris...after all the unexpected work and headaches, a foreclosure may indeed leave you skinnier physically and financially...now the sexy part...well, I don't know about that. LOL
I fear that as more homes sit unkept and unloved, we will see more mold and creatures. The banks don't seem to understand that fixing the problem will get them a better return on their invesment (or a smaller loss).
Hi Chris, I wonder if mold is the new in thing to have? JK :)
Chris: Foreclosures are not the always the great deals buyers seem to think. Mold is certainly no bonus.
Unbelievable. It never ceases to amaze me, how many people think that buying a foreclosure is such a great idea. By the time they finish with the repairs, they could end up paying twice as much as the house is worth!
Many seem to believe, "foreclosure" is a code word for, "something for nothing." Well, it's not.