by Shar Rundio on August 2, 2009

I was out in Queen Creek showing bank owned houses to a first time buyer this weekend. One of the houses we looked at had some squatters that didn’t make it through the summer heat apparently. These little guys (and I use that slight term of endearment very loosely) were found in the Master Bath.
I’m thinking this might be the reason the house hasn’t sold yet???
Note to agents: make sure to scan the WHOLE house when checking on your listings!
by Shar Rundio on May 8, 2009
I did a BPO (broker price opinion) last week for a bank owned property. The house had been listed as a short sale and it didn’t work out. As always, that’s an unfortunate situation. The even more unfortunate part is the way that the owner decided to deal with their anger:

(This was the view from the entryway)

(The “open” hallway)

(Note that you can see the kitchen through the brokenout door and hallway)

(You can also see the next room through the shower enclosure)

(The fact that they left the cabinets intact amazes me!)

(A green pool isn’t all that uncommon these days but it makes for a nasty picture!)
What do you think of this “right” that many seller’s claim as they are evicetd from their houses?
by Shar Rundio on May 5, 2009
I had a new experience while showing houses the other day — DUMPSTER DIVING!
I used to go dumpster diving with my best friend when I was young. Stacy and I found all sorts of treasures: an artificial Christmas tree (that my family used for years), office supplies, a wedding/honeymoon album with mementos from Acapulco (I didn’t realize the implications of finding that in the dumpster until years later). One person’s trash is another’s treasure, right?
Back to current times…we pulled up to look at a bank owned house and low and behold across the street there was another bank owned house (I know crazy, huh?) with a trashout going on. A trashout is when the bank or listing agent hires a company (or their brother) to go in and remove the remaining belongings and debris of a foreclosed house prior to listing it for sale.
There were two guys each with big trucks and a HUGE trailer with tall sides. As I am trying to reach the listing agent on the phone (because the lockbox is a contractor’s lockbox with no code and no indication that I wouldn’t be able to use my normal lockbox key — that’s a rant for a different day) I hear Mrs. Buyer say, “Are they just going to throw that away?!” When I get off the phone I find that Mrs. Buyer has approached the workers and inquired as to what they are doing. She’s learned that they have to keep anything with a value over $50 but the rest is going to in the dumpster.
Here’s where the fun begins. She starts scurrying around grabbing things: an infant car seat, 2 bicycle helmets, a Boppy…I’m trying to find places to put things…my trunk is small (it’s a hybrid) and has a bunch of real estate and personal junk in it. We all start picking through the “junk” cautiously at first and then not so much. The guys are helping by bring out more and listing stuff off for us. Mr. Seller and I wind up IN the trailer. Then comes the bigger stuff…an ice chest, a wagon, a kids basketball stand & hoop, a small Fisher Price play set with slide. (Now what to do with it?) We decide to stuff this behind the gate of the initial house we went to look at and they’ll pick it up later.
Want to see the treasure I ended up with?

Not a big ticket item but who can’t use some extra napkins around the house?
The buyers keep commenting on it throughout the remainder of our time looking at other houses. Why didn’t the homeowners take their hard earned stuff? Why didn’t they sell it? Why didn’t they donate it? Why doesn’t the trashout company sell it, donate it, something other than send it to the dump where good stuff will take up precious space on our limited planet (I added that last bit)? I don’t know the answers to this particular situation but it’s similar to those I see every day. Maybe the time frame they needed to be out within, maybe denial, depression, laziness, apathy.
I still don’t have a great place to put all these napkins, anyone have a spill?
by Shar Rundio on October 6, 2008
(OK, so I am having issues with uploading images – this blog may be the death of me – if you’d like to see the picture of a fantastic deal check out this half price house)
This program is making a comeback due to the HUD foreclosures that are on the rise & I HAVE to tell you about it. The above mentioned house qualifies as a 1/2 price house under HUD’s Good Neighbor Next Door Program:
Law enforcement officers, pre-Kindergarten through 12th grade teachers and firefighters/emergency medical technicians can contribute to community revitalization while becoming homeowners through HUD’s Good Neighbor Next Door Sales Program. HUD offers a substantial incentive in the form of a discount of 50% from the list price of the home. In return you must commit to live in the property for 36 months as your sole residence.
Complete details can be found in HUD’s Good Neighbor Next Door Q & A.
Here’s the condensed version:
- Must work in one of the above fields and serve the area that the house is located in.
- Must not have owned property for 1 year prior to submitting an offer.
- Can qualify for loan of your choice (or use cash…really some people still use it). FHA is a good option as it only requires $100 down and the closing costs can be financed.
- Must live in the house as your sole residence for 3 years.
- Purchaser must use a HUD qualified Realtor (that would be us!) to submit your offer. If there are multiple offers it is a lottery. No increase in price is acceptable.
- That’s it! Enjoy your new home and watch your quity grow!
Using this house as an example:
Located at 63rd Ave & Broadway
Built in 2002
4 bedroom, 2.5 bath, 2-car garage
1962sf
List Price: $94,000
GNND Price: $47,000
We assisted several teachers into these homes a couple of years ago. In my opinion it is the best financial opportunity available for someone who is eligible. Even in a declining market half price is still a good deal!
**NOTE** If there are eligable homes they become available on Fridays and the offers are due by Tuesday at midnight. Also, note that Phoenix (this area and west) is typically where we’ll find available properties. Sorry, nothing in the E. Valley!