This one “smells” like a foreclosure.

By
Real Estate Agent with Better Homes and Gardens Real Estate Metro Brokers

Smell is a very powerful sense!One of the perils of showing REO properties is that one never knows what to expect when the door is opened. MLS photos can be somewhat misleading because they can never quite capture the “essence” of the house.

But once the door is open, much of the history of the previous occupants is immediately deciphered by the olfactory sense … the house just stinks!

Cigarette smoke, pet urine, mold, rotten wood, and even dead things immediately tell the story of property neglect and abuse.

And while some bank-owned properties have been restored to their former glory, the vast majority of REO and HUD homes leave one gasping for breath. And most prospective buyers can only think of one thing: GETTING OUT!

It violates every rule of marketing and common sense. The idea is to make the product attractive to buyers.

And the only way these properties ever get sold is by drastic price cuts which destroy neighborhood property values and contribute to the overall downward spiral of the marketplace.

I honestly believe that these sellers could double their investment in cleaning, paint, and new carpet if they only gave it a chance.

Smell is a powerful sense. All of the pretty pictures in the world cannot overcome it!

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Topic:
ActiveRain Community
Groups:
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"Whacked"!!!
Tags:
reo properties
hud homes

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Rainmaker
525,454
Cynthia Larsen
Sonoma County Real Estate Broker
Safe Haven Realty

I went to one REO where the deadbolt was completely missing. I could smell the house when I was 10 feet away, the stench was wafting out the hole in the door.

May 10, 2011 10:45 AM
Ambassador
1,620,774
Richard Weisser
Richard Weisser Coweta Newnan Homes for Sale
Better Homes and Gardens Real Estate Metro Brokers

I am going to write a follow-up post about the reasoningh behind most of this!

May 10, 2011 10:57 AM
Rainmaker
1,657,487
William Feela
Realtor, Whispering Pines Realty 651-674-5999 No.
WHISPERING PINES REALTY

For the buyers that can get past that part of these properties, they are the ones making the extra.

May 10, 2011 11:29 AM
Rainmaker
602,179
Sheila Newton Team -- Anderson & Greenville SC Real Estate
--Residential/Short Sales/Foreclosures
RE/MAX Realty Professionals

I work with a lot of different banks.. I have to say I much prefer to work with the ones that repair the homes.. or at the very least, clean them up well..

May 10, 2011 11:50 PM
Rainmaker
524,470
Dr. Stacey-Ann Baugh
A doctor who makes house calls.
Century 21 New Millennium

I am always amazed at the state of some of these homes.  Seems like they would make so much more if there were even minor repairs made.

May 11, 2011 08:42 AM
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Richard Weisser

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Additional Information

Author Bio: Richard Weisser is a Georgia real estate broker, licensed auctioneer, and has been writing about Georgia Real Estate since 1999.

Coweta Fayette Real Estate offers opinions and helpful information to consumers and real estate professionals in the Coweta County Georgia area.

Coweta Fayette Real Estate allows you to search the entire Georgia MLS for free with NO registration required!

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