Lender Owned Homes in Tucson
November 25, 2008 | By Kelley Koehler | Filed Under Home Buying
Been out showing a lot of homes recently – here’s a gem from a near half million dollar listing, lender-owned. Buyers tend to be surprised that lenders try to sell homes here in Tucson in such sad states of filth, neglect, and disrepair – at least until I take them into their 3rd or 4th lender owned property and they realize they’re nearly all filthy and in bad condition.
However, sometimes you can get these lender owned homes at fairly sweet prices. Just be prepared – it’s gonna take some work to get the home into shape. "Move in ready" and "Lender Owned" rarely, if ever, go together.
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- Patience and Buying A Lender Owned Home (July 2, 2008)
Today, there are 67 listings marked as “bank owned,” 110 marked as “lender-owned,” and an additional 63 listings marked as “REO” in the Tucson MLS.
The name of the game with lender owned homes: patience. Banks, in general, don’t care about your timelines.
As long as there’s no bidding war for the home – as can [...] - Fun with Polybutylene and Lender Owned Homes (December 19, 2008)
Now, I’m no plumber, but this looks like polybutylene pipe to me. The right color, the brass clamp fittings, the house was built in the early 1990’s…
This is a shot of the master shower in one of my listings, a lender owned gigantic home on the West side, let’s call it a moderate fixup, [...] - Bank Owned Homes in Tucson (December 15, 2008)
And speaking of bank-owned homes…
You can’t easily search the MLS for them, but we’ve come up with a way to search it for you, and make a list of everything that appears to be bank-owned. It’s not 100% accurate, but I’d bet we’re in the 95% range. It’s the best we can do with the [...]
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I’ve sold a few filthy foreclosures lately. They can be great deals! Buyers just need to do all of their due dillegence. Banks know nothing about the properties they’re selling.
That’s awesome. I had one that just sold. When I first got there I could smell the roaches. Then I saw them scurry. I put them in the AVID, because God only knows the lender isn’t going to exterminate but that pales in comparison to the day I opened the front door and they fell on my head. I hated that house. I’d turn the lock and kick open the door after that. And wear boots.
Last week’s new offering came with a demolished kitchen, shattered granite and all. The kitchen sink was on the floor full of…a roach nest. Oh yeah, and the whole place smelled like weed.
OTOH, I currently have probably 7 that are move in ready for real. All high end, all very nice. Some folks did do it with honor.
If nothing else, this market makes for fun stories.