Even in small town America, REO work has its surprises. Upon doing the interior inspection of this home for the listing.I was shocked to discovered the home has been striped of its kitchen. All the cabinets, including the sink and counter-tops were removed! If that's not enough even the bathroom fixtures have been stolen! Yep, no longer any toilets, sinks or tubs in this house.
So what is the value of a home without fixture and a functional kitchen? This may diminish the value of this home by approximately $15,000 or more. The home was listed on the market up until last December and this is the photo of the old kitchen. At this point I do not know for sure what the bank will do.
What was looking like a nice clean home to sell, is going to become a challenge in a slower marketplace. At this point I am not sure if the Asset owner will seek charges against the past owner for the theft of these fixtures.
Since this is a first time experience for me, I guess I will learn how they will handle it. The questions will be: Will the price be reduce and dump property. Will it be a rehab to gain more $$. Or, will it be more litigation before the sale begins?
Usually the after is better looking than the before, but not in this Kitchen.
This is so funny. I've seen properties like that. There is a very well entrenched ring of kitchen and bathroom fixtures underground around here. New home builders hire guards for all night watchduty.
In fact, it's rare to see a HUD home with all utilities intact.
On the bright side, the property is prime for an FHA 203k loan with a new kitchen and bath.
You can imagine what I've seen as an appraiser and I am continually amazed and sometimes shocked.
I hope you will come back and keep us updated.
Well I can just guess that the cabinets and fixtures were taken to sell to some one for a few dollars, since the house went back to the bank.
From the looks, I'd say you have these costs:
All Total about $10,000 in cost plus a hassle factor. You might consider costing it all out at Home Depot and selling the property as-is with a price out included. As a spin, you maket it as the opportunity for a new kitchen? Use the old picture to show what you priced out. Possibly the seller will install post contract and pre close or offer a credit to repair ?? That is a long shot with a bank though.
I need to admit that this looks like a very nice de-install job. I doubt it was the owner.
Mary
Your bank will never prove it was the former owners that took the kitchen. I would market it at a slightly reduced price and add the picture telling buyers this is what your home can look like. Oh, take care of the bathroom those fixtures are not expensive.