I nicknamed Sonofabun the Junkman. He’s been doing REO’s and has been doing a bang up job on them. Every time a house sells, I just grit my teeth because I know what it’s doing for neighborhood values. Sometimes it’s driving them back 5-7 years. But it really shouldn’t, because what a bank owned property sells for may be the market value, but it may not reflect the rest of the neighborhood. You’ll never figure that out by looking at realtor.com or zillow.com or any of the other real estate website. And trust me, Sonofabun will put his Sunday best when he posts the listing, no matter how nasty the house really is. At some point, you still can’t make a silk purse out of a sow’s ear. I’ve been out to several of his sites. Generally, there’s piles of stuff that the people just leave. Banks want to go cash for keys. Once they get the keys they’ll throw a minimal amount of money at the situation and then let’r rip. Generally, the biggest expense is trash removal. My Dad was a real estate broker, and I’ve been in the title business pretty much, with a couple of foray’s elsewhere since 1976. That’s the year I graduated from high school. After five days of watching my 17 year old ass lay on his couch, my father came home with a cocktail napkin that said Bob Woods 786-1620. That was the phone number of the plant manager for Pacific Land Title Company in 1976. Bob had one question. Can you type? I could. The point being, I’ve been around houses my whole life. So today’s adventure with Sonofabun was not atypical at all. I’m keeping Rita in place with baby gates that someone left at one of the houses. I have my keys in a little dish that we found at another. I have nothing from today’s adventure except these amazing photographs.
The owner was probably swindled out of the house by a relative. They pulled all the equity out and took off leaving the home and the owner to be foreclosed upon. On the wall in the garage are installed medicine cabinets.
I count eight of’em. But you really can’t have enough so it’s best that you should install some in the hallway.
And some coffee cups, because you’ll never know when you’ll need a cup o’ joe. Not to worry, there’s a slew of medicine cabinets in here too:
And sometimes you just don’t have the right things in place to keep your nuts and bolts and nails and screws:
That’s a bedroom. If they get this place on the market for $199,000, and actually get it, I’ll be shocked. This neighborhood should be in the $400k range. Strangely, there doesn’t appear to be any water damage or apparent dry rot at this place. Still, this property will not reflect how the rest of the neighborhood is. There’s a beautiful well manicured home directly across the street from this fun house. The price the bank takes is no reflection on this neighborhood and that right there is your best argument for hiring a realtor. They will know about this house and they’ll know that it doesn’t drive down the value of your well maintained home.