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.

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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.



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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.