06/09/2025
Nothing a bulldozer couldn't cure!
Last December, I was assigned a bank-owned property (REO). One of my first tasks, besides securing it, is to assess the property's condition and identify the potential buyer, then strategize how to market it. This particular property was in horrific shape: interior walls, kitchen, bathrooms, plumbing, and electrical—all removed. The only things left were the studs, and they were being devoured by termites! Oh, and a consistent humming indicated a huge bee's nest in the attic. The bottom line was that the cost to restore this property to marketable condition far outweighed its market value.
And one more thing: the city! Apparently, they had been fining the owner for some time, with penalties exceeding $1.5 million. This was truly a 'Bulldozer Special.'
Now, the next question: who would be the buyer? Who would purchase this and be willing to take on all the problems, including mitigating a million-dollar-plus city fine? Despite a dozen or so interested parties, I realized there was only one buyer who could make this a win-win for both the bank and the 'buyer.' It was literally the people next door! I reached out to them and made the deal: cash, and they would handle all the fines and violations.
Who were these 'people next door,' you ask? Well, it was the city themselves! They paid cash and didn't have to worry about the liens.
Lesson learned: An experienced agent always pays attention to their surroundings