"Honey, would you please call the contractor" will be a familiar battle cry with this Tempe, AZ home. It went back to the lender for $242,000. At 1,411 sq ft, 3 bedrooms, 2 baths, and a 2-car carport, the $184,900 listing price will need to be lower.
The neighbors happened to be outside, and it was learned that an older man had died some time ago and left the home to a family member. The family member was "allegedly" into drugs and the house soon deteriorated. We managed a "sneak peak" at this house before it hit the MLS and discovered a house that is clearly not "habitable nor safe." It's unclear why all the plumbing is exposed, but it's easy to speculate about water leaks and mold or a total re-plumbing of the house.
To see how this house was "decorated" makes it clear the owner WAS on drugs. I'll keep my words to a minimum on this post because, as they say, "a picture is worth..."
From the outside it looks like a peaceful Tempe home in a very nice neighborhood.
But.... the kitchen:
the master and hallway bathrooms (really, that's all that's left):
one of the bedrooms, complete with murals and an attempt
to install some very poor quality slate:
and the laundry room:
and a closer look at the "custom" flooring:
I had to use my hand sanitizer gel (several times) after leaving this house.
My clients, who would want to live in this house, and I "guesstimated" $45,000 for the rehab. There were no comps in the neighborhood because no one has sold and moved out (not because of the market, but because it is a nice place to live). It appears that the mortgage default amount of $242,000 was the result of the previous owner taking all the money out of the house. Let's say the house would appraise for $225,000 after the remodel. We thought an offer of $155,000 might pass the bank if the REO agent made the condition of the house clear to them.
So now it's time to write an offer of $155,000. We'll use a FHA 203K loan that will incorporate the $45,000 rehab cost for a total loan of $200,000.
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