The real estate market is so insane that this $ 600,000 “horror” is attracting multiple cash offers

0


This broker keeps it real. May be also Real.

While many listings describing homes for sale are notorious for labeling cramped, dark spaces as “cozy” or glossing over other uncomfortable truths about a property, a Colorado Springs agent has no punch in her roughly $ 600,000 expensive offer for a “former” property pulled majestic “five-bedroom house” which is now “every landlord’s nightmare”.

It’s covered in obscene graffiti and smells like “there’s a corpse in there,” Mimi Foster, a real estate agent for Falcon Property Company in Colorado, told MarketWatch.

But their open listing, which describes the damage to this house in gruesome detail, has gone viral since it was published three days ago. Additionally, Foster has also received several offers – many in cash and priced at $ 592,500 – for the house she describes as “a little piece of hell.”

Outwardly, everything seems fine, this available Colorado Springs home. But the inside stinks and is covered in graffiti.

Red fins

When MarketWatch asked Foster what she felt the first time she walked around the house, she said “horror”.

“This is not your typical fix-and-flip,” she says – like buying a dilapidated property, renovating it and then selling it for a profit. “This is chaos. It’s like entering a crime scene. ”

And her visceral response bleeds through her blunt Redfin list.

This Colorado Springs home is a real fixer-upper.

REDFIN

“DO NOT GO ON THE STERN DECK. DO NOT OPEN A FREEZER IN THE BASEMENT, ”warns the ominous Post. What happened to this place A woman who had lived there for a decade stopped paying her rent and was evicted in 2019. She was allowed to pack her things again – and instead devastated the house. “You will also find that there is no surface on the house that has not been finished with black spray paint or a swinging hammer,” says Foster’s post.


“If you dream of owning your own little piece of hell and turning it into a piece of heaven, look no further!”

But that’s not even the worst.

The place stinks.

The freezer in the basement, which had run out of electricity for over a year, is full of rancid meat. “So be sure to wear your mask. Not to protect anyone other than your own. You may not be able to stand the smell if you don’t, ”warns the listing.

The smell is so bad that Foster refuses to take any offers that have not been seen, including a California investor who she says offered her well over $ 600,000. “It’s too much of a burden,” she says, pointing out that it will cost at least $ 150,000 to renovate the house. “I don’t want to sell it to someone who hasn’t seen it. That’s why I wrote this description: If you go into this household, you have to know what to expect. ”

This Colorado Springs home is a real fixer-upper.

REDFIN

But investors are so hungry for any kind of home inventory right now that the horror house in Colorado Springs still looks like a bargain. “People love a fix-and-flip, and they’re rare now,” says Foster. Colorado Springs has 2,500 to 3,500 homes for sale during a normal market, she said, but only 400 homes were available on Thursday. “So if you have a fix-and-flip with this neon sign, talk about sales potential!”

And this coincides with what is going on in the national housing market. Sky-high demand, limited supply, and low mortgage rates have created a situation where desperate buyers skip inspections and estimates, buy houses for cash, and even snap up unnoticed. A recent Zillow report found that 47% of homes in the US were in the market less than a week before an offer was accepted and 76% were in the market for less than a month.

Continue reading: How do you compete with home buyers who can pay cash? Skip inspections and reviews app

Connected: “We can’t compete with all cash”: The battle to buy a home during COVID-19 is real

“This is the only real estate market that we could possibly sell the house like that,” says Foster, “because on the other hand the buyer could only earn enough money on this real estate market to make it worthwhile.”

Make no mistake, the house has great bones and is in a desirable location on a cul-de-sac with great views. The open floor plan offers a living room with fireplace, living room, dining room and kitchen, laundry room, downstairs bedroom and bathroom. There’s also a walk to an aft deck; only, the deck is “not necessarily connected to the house” at the moment. The upper floor has a catwalk and a large master bedroom with a bathtub and two sinks, as well as two additional bedrooms and a bathroom.

This Colorado Springs home is a real fixer-upper.

REDFIN

But it takes a lot of work – and a buyer with a strong stomach.

“The dream buyer right now is an investor, someone who knows what he’s doing, who has to come in and make it worth living again,” she says.



Source link

Share.

Comments are closed.