How Would You Sell This Home? Opportunity or Eyesore?

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Services for Real Estate Pros NMLS #470728
http://actvra.in/GG4

Abandoned Home in Eugene, OrgonI drive by this home regularly on my way to and from my office.  It's on a corner next to a convenience market and across the street from a French language immersion elementary school.  It's just a few miles from the small city's downtown district and a university.

  • If you were an investor, would you see an eyesore or an opportunity?  What criteria would you use for your evaluation?

If you were a home inspector, what would you be be especially alert for while performing the inspection?

If you're a Realtor, how would you help the owner to sell this property?

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investing in an abandoned home
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Rainmaker
548,614
Gary Frimann
Eagle Ridge Realty / Signature Homes & Estates - Gilroy, CA
California Broker and REALTOR

It looks like a tear down, so the only opportunity I see is how much is the lot worth?

August 21, 2012 08:58 PM #1
Rainmaker
121,958
Lanise Warrior
Dream Catchers Real Estate - Compton, CA
Carson-Compton Real Estate Specialist

Wow...that's a tough sell.  It appears that the home has probably been vacant, and distressed for quite some time.  With that said, the seller most likely does not have any liens on the property and/or is an absentee owner.  I would market the property as cash only, for the value of the land (assuming that the exterior is an indicator of the interior's condition).  Definatley it would be marketed as "investors dream"

August 21, 2012 08:58 PM #2
Rainmaker
727,770
Winston Heverly
Winston Realty, Inc. - Atlantis, FL
GRI, ABR, SFR, CDPE, CIAS, PA

As a builder, one needs more information than a distant photo. Assuming the structure and roof are sound it perhaps is repairable. The structure and roof look sound.

August 21, 2012 09:41 PM #3
Rainmaker
903,762
Rick Obst
Eugene, OR
Rick Obst

Gary, Lanise, and Winston - Thank you for reading and commenting on this post.  The house has been vacant for well over a year.  It was boarded up this summer.  Someone is keeping the grass from getting too tall over the summer.  I haven't seen the inside, but assume that repairs can be made to make it habitable.

The home sits on a corner on a busy residential intersection.  There's an elementary school across the street.  The lot is adjacent to a convenience store and bakery, with a small apartment complex behind the store.  An investor might investigate the possibility of a zoning change to light commercial.  The value is probably in the land and location.  I haven't checked ownership records to find out if it's a foreclosure.

August 22, 2012 06:35 AM #4
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Rainmaker
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Rick Obst

Rick Obst
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