Being in this business I see many bank repos. I visit (for business) many of these repos prior and post move out and from first hand experience I can say - for some its a very somber time as they clean and others - its like Animal House Version Dump 12.6 This morning I was reading an article I thought you might find amusing on a friday. Never thought I see this headline on a CNN web site - the piece is called - These homes for sale suck - Never before have there been so many squalid, dilapidated homes on the market - and they're helping to exaggerate already-plummeting home prices.
NEW YORK (CNNMoney.com) -- Mold, maggots and piles of festering trash - no wonder home prices are in freefall.
It's not just the subprime mortgage crisis that's to blame for plummeting home prices. A flood of squalid properties on the market is helping to exaggerate the post-bubble price declines.
"Part of the reason home prices are declining is a fundamental deterioration in the housing stock," said Glenn Kelman, CEO of the online, discount broker Redfin. "During the boom, nine out of 10 houses for sale in many markets were in prime condition. Now, for every 10 houses, at least three are dogs."
"..... been permitted to fall into disrepair by lenders overwhelmed with thousands of vacant homes. If these houses sell at all, they're going for bargain basement prices that are hurting home values throughout the neighborhood.
"I've never seen so many houses in this condition before," said Ray Anderson of Buyer's Advantage Real Estate in Auburn Calif., near Sacramento. "And I've been in the business 20 years. I've seen bank-owned properties in the past. They were never like this."
The article goes on and presents other ramifications for these rat holes. Click her to read full article.
