Peoria, Arizona home. Purchased for $113,500 in 2001. Refinanced in June 2007 for $176,000. Sold as a short sale in 2013 for $65,000. These are photos from 2013.
Being very conservative, let’s assume in 6 years they paid down their original mortgage to $110,000 by 2007. The refi difference would be $66,000. Cash-out refi? To pay off other debts? Or to remodel the home? Let’s see if they remodeled.
First stop, the kitchen. Doesn’t look remodeled.
Appliances are missing.
Now the family room.
And then we look up. Ugh.
No money spent on new flooring in the living room.
Nor on new doors.
Let’s see if they put money into new landscaping in the back yard.
The buyer gets to deal with this.
Wait. Are those new doors? And newer fencing too.