Last week I took a buyer to look at a bank owned property that was not in the best state of repair.
Nevertheless, the buyers saw an opportunity if they could purchase the property at a favorable price and repair it.
In the home, all the interior doors were missing and the walls and flooring were filthy, however, that was not a deterrent to these buyers.
The interior of course needed paint, the holes in the walls would have to be patched and the broken windows would need replacing.
Still, the property held the buyers interest until…we turned on the shower faucet.
The buyer did this to assure that the drain was draining properly; however, when he turned on the shower faucet, the water started also running out of the lavatory faucet.
He turned the shower off, the lavatory faucet stopped running.
We looked at each other with befuddled eyes.
We thought we were trapped in an old Three Stooges skit.
The lavatory faucet did not run by itself if the shower was off.
This was enough to make the buyer walk away from this one.
We wondered how people lived in this “fun house.”
Most bank owned properties today are being sold “As Is”.
Surprisingly, some buyers do not understand this.
It means there is no recourse if you find problems after you have closed on the property.
Therefore, anyone looking at “As Is” properties should do a complete and thorough inspection of a property they may be interested in.
Homeowners who are angry because of a foreclosure have been known to pour concrete down drain pipes, put dead fish in the walls and do criminal destruction to the property.
You may understand the anger but the punitive damage is not only uncalled for, but illegal.
Also, by doing destruction to the property the homeowner may be cutting their own throat.
The mortgager may elect to press charges for vandalism and the anti-deficiency laws may not apply.
In other words, the homeowner may not have his debt forgiven and could be criminally prosecuted.
We hope the current housing situation ends soon.
There appears to be light at the end of the tunnel.
Hopefully, it is not a train coming the other way.
Ray Pugel is a designated broker with Coldwell Banker Bishop Realty. Contact him at (928) 474-2216.