Dirty, neglected swimming pool in Surprise, Arizona. And guess what…the sellers still live there. And they are selling the house and pool in this condition. Too hard to clean? And guess what…no surprise, it’s a short sale.
We’re starting to see a pattern with short sale sellers in the Phoenix metro area in recent months: they mentally wash their hands from the house. The most frequent disclosure: selling “as is.” They are not willing to fix anything. Even though they will be asking the bank to forgive their loan (could be $50,000-$150,000 in debt forgiveness), they aren’t willing to spend $100-$500 on repairs. It becomes the buyer’s responsibility. Two of my favorite examples: 1) One house had the air conditioning stolen; the short sale seller said he wasn’t replacing it (he didn’t have insurance?); that just wiped out 90% of potential buyers, and 2) One seller had the nerve to say the buyer would have to pay his $2000 HOA (home owner association) lien!!
6 responses so far ↓
1 KC // Jun 7, 2012 at 1:23 pm
All I can say is, when my house went into foreclosure, when I realized I had no chance to get back the money I put into it, I resolved right then and there not to spend another dime on it. As far as getting insurance to pay for the “what needs” I have a $500 deductible and I don’t have $500 and even if I did, it would go towards paying way-way-past due bills. Just trying to offer a little insight into what goes on the minds of the foreclosed and short-saled….
2 Leif // Jun 7, 2012 at 2:30 pm
I can certainly empathize with someone’s financial hardship.
In these cases, it’s all in the tone and how it’s presented to buyers. Different wording would go a long way from scaring off a buyer.
Just saying.
3 Mark Henderson // Jun 7, 2012 at 6:32 pm
I’m sorry, but I have to say this….
@KC : “As far as getting insurance to pay for the “what needs” I have a $500 deductible and I don’t have $500 and even if I did, it would go towards paying way-way-past due bills. ”
But you have a computer and internet access.
There really is a difference in need and want. It’s OK if you don’t WANT to put money in, just admit it.
4 mac // Jun 7, 2012 at 11:34 pm
Mark, why apologize? KC says when he “realized he wasn’t going to get back the money he put into it,” he wasn’t saying he couldn’t afford to pay it or wouldn’t end up paying that same amount on another house or rental. Maybe living within a budget should be on his agenda.
There’s a listing in north Phx my broker keeps sending me with $3k in HOA liens. Like I’m going to pay off that “owner’s” bills AND relieve him of his home loan. Hey why don’t we send him a fruitbasket while we’re at it? The greed never fails to surprise me.
5 Julia // Jun 8, 2012 at 9:36 am
Mark, just because someone is able to post on this website does NOT necessarily mean they have a computer and internet access. Most libraries offer the public,free computer usage; do not even have to have a (paid) library membership. The world needs more kindness and understanding.
6 Kate // Jun 9, 2012 at 2:16 am
Julia,
Grow up!
This country is in the situation it’s in because of too much “understanding” and NOT enough demanding people grow up and be RESPONSIBLE!
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