Thursday, February 19, 2009

Checking In From an REO.

I’m at an REO property in Laveen, on 7007 S 43rd Drive, 85339. 4 beds, 2 baths, 1611 square feet for $73,900. REOs are always a bargain, right? Check it out.

IMG_1640 IMG_1636 IMG_1638

Every room in the house looked like the living room shown here. Vandals had tagged nearly every wall with black spray paint. They even got about half the bathroom sink & shower fixtures with the spray paint. That photo of the kitchen stove burners? That's not rust, it's burnt grease, about 1/8th of inch thick. There were dried-on grease droplets on the stovetop where the on/off spin dials are.


Need I mention that all the carpet was filthy,  to the point of being uncleanable?

The kitchen cupboards had been in a nasty tangle with a sledgehammer. The cupboards lost that brawl, badly.

Troubles in the backyard too:

IMG_1637 This is either an unhappy dog digging up the yard, or a really big sprinkler malfunction. That trench went back under the patio slab for about 18 inches. Once I saw it I was afraid to walk on the slab any more.

On the up side, the A/C unit was intact and the Cox cable box hadn’t been hacked into. The garage door needed some attention:

bad garage door

Best of all, the house backs up to 43rd Avenue. For out of towners or others unfamiliar with this area, 43rd Avenue is a major street in this area. Two lanes in either direction with a dedicated left turn lane in the middle.

To make this house livable, you've got to replace about 1/2 the cabinet doors, about 1/3 of the sink fixtures, all the carpet, all the appliances, Killz the walls throughout and then paint and replace 1/4 of the electric outlet switchplates  and (hopefully there's money left to) landscape the backyard. My best guess on market value, after it's cleaned up, is about $80,000. In a down market that street in your backyard is going to be a big problem, no matter how nicely the interior is fixed up. Remember, it's listed at $73,900.

What a bargain! <sarcasm>

I almost feel sorry for the bank. They're going to take a bath on this one.