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!!