Author Topic: Look at the horrid photos of this house for sale  (Read 4573 times)

Livingthedream55

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Look at the horrid photos of this house for sale
« on: April 04, 2017, 09:47:33 AM »
http://www.realtor.com/realestateandhomes-detail/65-Gay-St_Stoughton_MA_02072_M43016-82136

How can a realtor, in any good conscience, think that this is an acceptable way to market a house?

In what universe would these owners refuse to simply clean up/store away the junk? Hoarders, maybe the owners have passed away?    I just don't get it.

I'm guessing the types of households that would sell this house like this wouldn't pay to have someone clean it out for them, right? I'm thinking they will probably get tens of thousands less than what the house is worth - but $5,000 paid to someone to (1) remove the trash, put stuff into boxes and (3) put boxes into a storage unit would still mean a net gain to the sellers.

Why wouldn't a real estate professional suggest this?   Would this be a potential "side gig" in retirement? 

Cpa Cat

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Re: Look at the horrid photos of this house for sale
« Reply #1 on: April 04, 2017, 10:00:44 AM »
These look like photos from a realtor who is saying: Don't waste my time with inquiries unless you're ready to deal with this mess.

I once looked at an unoccupied house that was beautiful - except for a few flaws: a raccoon (or some similarly sized animal) had died in the wall and it was 100F , so it stank to high heaven. There was mold growing on the walls in one room. And the basement was the Kingdom of the Spiders - thousands and thousands of spiders.

The story - it turns out - was that the couple who owned it had divorced and neither one wanted the house, and neither one wanted to pay to maintain the house, or pay the utility bills. So they didn't turn on the AC (leading to the mold issue in the hot and humid weather) or pay for an exterminator (spiders) or deal with the fact that something had died in the wall. The house sat on the market for months, during which time the driveway got washed out and became ill-maintained, and the road to an outbuilding (it was on some acreage) got so overgrown that the realtor couldn't find it to show us the rest of the property. Due to their unwillingness to cooperate or pay for anything, the house lost tens of thousands of dollars while it sat on the market and deteriorated.

Imagine this story: The owner of the house (a hoarder) dies and the house is left to their kids. Their kids live out of state and can't come clean up the house themselves. They don't have $5000 to spend, or can't agree on spending it. So they hire a realtor and tell the realtor: sell it as is, get what you can.

MsSindy

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Re: Look at the horrid photos of this house for sale
« Reply #2 on: April 04, 2017, 10:05:37 AM »
$240k - wow!  And it's pretty far outside of Boston.  It's def a fixer upper!

AlanStache

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Re: Look at the horrid photos of this house for sale
« Reply #3 on: April 04, 2017, 10:13:00 AM »
Quote
Caution should be exercised by brokers and their clients during any entry and inspection of the premises.
yep.

I can appreciate that the seller realtor is up front and not trying to waste my time if I were not interested in some upfront work.

acroy

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Re: Look at the horrid photos of this house for sale
« Reply #4 on: April 04, 2017, 11:26:50 AM »
Those pics are not bad - seen a lot worse!
Real estate agents are pretty smart. Those who aren't don't last long. if the pics are crappy, there's probably a good reason for it. Maybe the realtor was trying to get in&out before getting mugged or catching a disease.

AMandM

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Re: Look at the horrid photos of this house for sale
« Reply #5 on: April 05, 2017, 09:23:20 AM »
Yeah, I wouldn't blame the realtor.  Why would the owners pay $5k out of pocket just to reduce the loss to the bank?

If you enjoy those, there's also
https://badmlsphotos.com/
http://terriblerealestateagentphotos.com/

jinga nation

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Re: Look at the horrid photos of this house for sale
« Reply #6 on: April 05, 2017, 10:43:54 AM »
Ha! This brings back memories of when I lived down the road in Sharon, MA. So used to seeing houses like that listing, right after the housing bubble popped. Tons of fixed uppers, from 2/1 to mansion-size.
As CPA Cat mentioned, the seller's agent probably wants serious inquiries only. As long as it is structurally sound I'd be good with it.
The photos are meant to drive away people who don't want to get their hands dirty and are easily put off by seeing a mess.

Dicey

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Re: Look at the horrid photos of this house for sale
« Reply #7 on: April 09, 2017, 02:16:51 PM »
It may not be an actual Short Sale. In my target market, I've noticed these popping up when it seems that they're actually just homes with Reverse Mortgages. Anyone know how these work from the other end? My guess is the lender values the home for as much as they could possibly ever have to pay out, not what was actually paid and accrued by the homeowner. It's on their books for much more than current market value, hence the "short" sale.

Car Jack

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Re: Look at the horrid photos of this house for sale
« Reply #8 on: April 12, 2017, 10:51:06 AM »
Could be worse.

My wife's aunt's house would look like that if we spent 100 man hours cleaning it up.  I like to call it "bulldozer ready". 

cheddarpie

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Re: Look at the horrid photos of this house for sale
« Reply #9 on: April 12, 2017, 02:58:47 PM »
I've seen worse ... like this one, for sale right now in Seattle: https://www.redfin.com/WA/Seattle/905-30th-Ave-98122/home/147390

lhamo

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Re: Look at the horrid photos of this house for sale
« Reply #10 on: April 12, 2017, 03:07:22 PM »
The blog seattlebubble.com used to have a thread in the forums to showcase truly horrible listing photos.   Both of those would have made the cut!

vdub6127

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Re: Look at the horrid photos of this house for sale
« Reply #11 on: April 12, 2017, 05:15:37 PM »
Perhaps you SF bay area folks have heard of the notorious "mummy house".

Short story: Hoarder lady and her mom lived there. Neighbors puzzled about not having seen mom in a while. I think you know where this is going. I stumbled upon the open house and went in out of literal morbid curiosity. They had cleared it out, sure, but parts of it still looked like Silent Hill 2.

Guess how much it sold for? 1.56 million. Welcome to San Francisco.

http://sf.curbed.com/2015/9/17/9920342/lake-district-mummy-house-sells-for-a-whopping-1-56m
« Last Edit: April 12, 2017, 05:17:12 PM by vdub6127 »

AlanStache

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Re: Look at the horrid photos of this house for sale
« Reply #12 on: April 12, 2017, 07:29:08 PM »
I love the Bay but man my current house was literally an order of magnitude cheaper. 

Dicey

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Re: Look at the horrid photos of this house for sale
« Reply #13 on: April 20, 2017, 10:56:55 AM »
Perhaps you SF bay area folks have heard of the notorious "mummy house".

Short story: Hoarder lady and her mom lived there. Neighbors puzzled about not having seen mom in a while. I think you know where this is going. I stumbled upon the open house and went in out of literal morbid curiosity. They had cleared it out, sure, but parts of it still looked like Silent Hill 2.

Guess how much it sold for? 1.56 million. Welcome to San Francisco.

http://sf.curbed.com/2015/9/17/9920342/lake-district-mummy-house-sells-for-a-whopping-1-56m
The article suggests that it was purchased as a flip, but google-fu makes it seem it has not changed hands since.

Drole

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Re: Look at the horrid photos of this house for sale
« Reply #14 on: April 20, 2017, 12:49:51 PM »
DH worked as a realtor for many years and I have seen some like this'd worse.....and yes, the owners refuse to clean up.  Amazing.  I might still have photos somewhere that I could share. 

aj485

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Re: Look at the horrid photos of this house for sale
« Reply #15 on: April 20, 2017, 04:55:12 PM »
It may not be an actual Short Sale. In my target market, I've noticed these popping up when it seems that they're actually just homes with Reverse Mortgages. Anyone know how these work from the other end? My guess is the lender values the home for as much as they could possibly ever have to pay out, not what was actually paid and accrued by the homeowner. It's on their books for much more than current market value, hence the "short" sale.

@Dicey - Reverse mortgages are negative amortization mortgages, where the borrower is not required to make any payments, and may even get a payment from the bank each month.  The interest, mortgage insurance, servicing fees and any payments to the borrower get added to the principal balance each month, so the balance increases.   Compare that to a 'regular' (forward) mortgage, where the borrower does have to make payments, and timely payments pay down the mortgage.   

The balance for a reverse mortgage isn't just 'on the books' at the lender - it's the amount that's actually owed to the lender.  If the house doesn't sell for that amount, it actually is a short sale.  For reverse mortgages guaranteed by the FHA (also known as HECM reverse mortgages), the lender will get what they are owed - any difference between the selling price and what the lender is owed is covered by the mortgage insurance from the FHA guarantee.

Dicey

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Re: Look at the horrid photos of this house for sale
« Reply #16 on: April 29, 2017, 09:48:02 PM »
It may not be an actual Short Sale. In my target market, I've noticed these popping up when it seems that they're actually just homes with Reverse Mortgages. Anyone know how these work from the other end? My guess is the lender values the home for as much as they could possibly ever have to pay out, not what was actually paid and accrued by the homeowner. It's on their books for much more than current market value, hence the "short" sale.

@Dicey - Reverse mortgages are negative amortization mortgages, where the borrower is not required to make any payments, and may even get a payment from the bank each month.  The interest, mortgage insurance, servicing fees and any payments to the borrower get added to the principal balance each month, so the balance increases.   Compare that to a 'regular' (forward) mortgage, where the borrower does have to make payments, and timely payments pay down the mortgage.   

The balance for a reverse mortgage isn't just 'on the books' at the lender - it's the amount that's actually owed to the lender.  If the house doesn't sell for that amount, it actually is a short sale.  For reverse mortgages guaranteed by the FHA (also known as HECM reverse mortgages), the lender will get what they are owed - any difference between the selling price and what the lender is owed is covered by the mortgage insurance from the FHA guarantee.
Thanks aj485. I know all of the first paragraph and most, but not all, of the second one. Why would a lender pay out tens of thousands, if not hundreds of thousands of dollars more than the value of the house? And, who does the mortgage insurance protect and what is it good for?

former player

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Re: Look at the horrid photos of this house for sale
« Reply #17 on: April 30, 2017, 02:42:55 AM »
I suspect that house is not untypical where there has been an ageing owner in poor health and no-one with a personal interest in clearing up after they have gone.  I'm betting too that this will become more and more common as baby boomers age and die. 

In previous generations either the house would have been rented or there would more likely to be children or other relatives, and those children or other relatives would more likely have a significant personal and financial interest in sorting the house out. 

Nowadays there are more people without kids, or with kids who are physically or emotionally distant, or whose kids don't need the extra few thousand they might get after all the work and expense and emotional toil of clearing the house, or who don't see it as their responsibility.

Dicey

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Re: Look at the horrid photos of this house for sale
« Reply #18 on: April 30, 2017, 11:18:08 PM »
Lol, you think that one's bad, take a look at this! Note the price. Yes, it will sell. For cash, because no one will write a mortgage on a house in this condition.

http://www.estately.com/listings/info/2403-quiet-place-dr--1

cloudsail

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Re: Look at the horrid photos of this house for sale
« Reply #19 on: May 01, 2017, 12:07:35 AM »
Lol, you think that one's bad, take a look at this! Note the price. Yes, it will sell. For cash, because no one will write a mortgage on a house in this condition.

http://www.estately.com/listings/info/2403-quiet-place-dr--1

The Bart from Walnut Creek to SF is about 40 mins. Factor in the good schools and the huge lot and the price isn't surprising.

Still, it's listings like this that prove the Bay Area real estate market has gone completely batshit insane.

Dicey

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Re: Look at the horrid photos of this house for sale
« Reply #20 on: May 01, 2017, 12:40:03 AM »
Lol, you think that one's bad, take a look at this! Note the price. Yes, it will sell. For cash, because no one will write a mortgage on a house in this condition.

http://www.estately.com/listings/info/2403-quiet-place-dr--1

The Bart from Walnut Creek to SF is about 40 mins. Factor in the good schools and the huge lot and the price isn't surprising.

Still, it's listings like this that prove the Bay Area real estate market has gone completely batshit insane.
LOL, we're actually considering making it our next flip project, but we suspect it will go too far over asking to make sense for us. I mostly posted it to freak out the people who live in flyover states.

If I was commuting into the City via Bart from this address, no way could i make it door to door in 40 minutes. I'd guess about 1:20 on a good day + $13.50 for RT fare and parking. So freaking grateful that DH walks to work. And yup, batshit insane is putting it mildly.

ahoy

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Re: Look at the horrid photos of this house for sale
« Reply #21 on: May 01, 2017, 03:10:32 AM »
My best guess is that the house is tenanted not owner occupied. 

MilwaukeeStubble

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Re: Look at the horrid photos of this house for sale
« Reply #22 on: May 01, 2017, 06:30:50 AM »
Not exactly the same, but I found this the other day 

https://www.redfin.com/WI/Milwaukee/1522-N-Prospect-Ave-53202/unit-503/home/90203355

25 pictures, only 3 are actually of the unit + 1 of the view from the private balcony. The rest are common areas, or pictures of the neighborhood. Some of which are over a mile away. There's two pictures of the fitness room, 3 identical pictures of a _different_ high rise and one random picture of a black guy (who is not the current owner, or the realtor). This is for a $400,000 condo in a high end building in a low COL city.  And it's not just Redfin, those are the same pictures on the info sheet they're realtor gave us.

The thing is, we went to an open house there yesterday to see what it actually looked like and it was gorgeous. I have no idea why the pictures are so bad.


lhamo

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Re: Look at the horrid photos of this house for sale
« Reply #23 on: May 01, 2017, 10:44:08 AM »
Sometimes when things list quickly/spur of the moment they will put up photos they have from previous listings as a kind of placeholder until they can get a professional photographer in.   

alsoknownasDean

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Re: Look at the horrid photos of this house for sale
« Reply #24 on: May 02, 2017, 04:39:33 AM »
Perhaps you SF bay area folks have heard of the notorious "mummy house".

Short story: Hoarder lady and her mom lived there. Neighbors puzzled about not having seen mom in a while. I think you know where this is going. I stumbled upon the open house and went in out of literal morbid curiosity. They had cleared it out, sure, but parts of it still looked like Silent Hill 2.

Guess how much it sold for? 1.56 million. Welcome to San Francisco.

http://sf.curbed.com/2015/9/17/9920342/lake-district-mummy-house-sells-for-a-whopping-1-56m

Yeah, that's pretty sad. There was something similar in Sydney a few years back where an elderly woman died in her home and no-one noticed for eight years. The house later sold for $1.1M.

https://www.domain.com.au/news/surry-hills-home-of-woman-sydney-forgot-natalie-jean-wood-goes-off-at-auction-20160224-gn1yvq/
https://www.domain.com.au/139-kippax-street-surry-hills-nsw-2010-2012537618

Not exactly the same, but I found this the other day 

https://www.redfin.com/WI/Milwaukee/1522-N-Prospect-Ave-53202/unit-503/home/90203355

25 pictures, only 3 are actually of the unit + 1 of the view from the private balcony. The rest are common areas, or pictures of the neighborhood. Some of which are over a mile away. There's two pictures of the fitness room, 3 identical pictures of a _different_ high rise and one random picture of a black guy (who is not the current owner, or the realtor). This is for a $400,000 condo in a high end building in a low COL city.  And it's not just Redfin, those are the same pictures on the info sheet they're realtor gave us.

The thing is, we went to an open house there yesterday to see what it actually looked like and it was gorgeous. I have no idea why the pictures are so bad.

$700 a month for the HOA? Yikes. I've seen a number of apartments for rent with no interior photos. I assume that the interior is terrible and move on :)
« Last Edit: May 02, 2017, 04:50:14 AM by alsoknownasDean »