Short Sale Nightmare - seller abandonment
September 2, 2008
If you live in Phoenix, Scottsdale, Tempe, Peoria or any of the towns in Maricopa County, Arizona, you know that the number of homes listed short sales are staggering. In fact, estimates are as high as 30% of successfully closed real estate transactions in greater Phoenix are either short sales, foreclosures or foreclosed homes (REO).
The fallout from these collective short sales are vivid nightmare on main street, Arizona USA.
The primary reason for the many nightmare stories arise from general lack of interest in the successful outcome of the short sale by the seller. Don’t get me wrong. I am witness to the great levels of concern, anxiety, fear and embarrassment of the unfortunate sellers who have to suffer through the public short sale or foreclosure.
However, most sellers (not all) have little concern for a clean real estate transaction. These sellers are thinking about finding a place to live, salvaging their finances and avoiding bankruptcy.
As a result of a general apathy, there are litany of problems that arise. One that continues to come up is the general condition, or lack thereof, of the house during the time of short sale.
The second problem is the abandonment of the home after the family has left the residence prior to the foreclosure auction in which it is purchased by a new owner which in most cases is the bank.
After the abandonment of the home there can be as long as a 90-day period, often longer, with no tenant in the home caring for simple maintenance and upkeep.
In the greater Phoenix area, we have sun and heat, lots of it.
If you have ever seen a home go more than 90 days without basic upkeep you know who quickly a well kept Phoenix area home can turn dilapidated.
Lawns grow out of control. Fruit trees drop produce on the ground that rots. Pool attract mold and algae creating a breeding ground for West Nile virus carrying mosquitoes and other insects.
If you have been in the Valley of the Sun (Phoenix, Scottsdale,Tempe, etc) the past few weeks, you know we can also be the Valley of the thunderstorms. Monsoon seems relentless as the skies open and poor inches of rain in minutes.
There are numerous examples of flooded homes after these torrential rains. However, the unseen damage is done to the abandoned homes. The water damage , if not cleaned immediately, becomes a breeding ground for mold. Toxic Black mold is most dangerous. Black Mold is often not visible and can be inhaled causing severe respiratory problems. Toxic Black mold is also been know to have caused death to infants.
I was told a story recently of a couple and their 4 year old child previewing a home in the greater Phoenix area in which after lengthy time in the house toxic black mold was discovered where the child was playing while the parents previewed the home.
I can only encourage buyers and real estate agents to be cautious when previewing short sales and bank owned homes that do not look to be kept up to reasonable condition.
If you notice, rotting fruit in the yard, wild growing vegetation, stagnant water in the pool, water stains or strong distasteful odors inside the home, walk away.
There are plenty of other homes for sale in which the seller will provide a seller property disclosure statement (SPDS) of knowledge of any problems you and your family need to be aware.
If you are not sure, it is always best to spend a few dollars for a qualified inspector who is trained to look for any problems that may need even further examination.
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Copyright © James Wexler *Short Sale Nightmare - seller abandonment*
Contact James Wexler (480) 221-8080 for your Phoenix | Scottsdale area Real Estate needs
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With early abandonment, I wouldn’t be surprised if the homeowner took some appliances with them.