What would possess anyone to want a "no-wanter" property? The reason they are junkers is because a seller didn't think much of the property and trashed it.
They may be what some people think, but there are many other logical answers.
Let me share a case study property with you.
A "no-wanter.
" The seller of this property had fixed up a good portion of it several years ago including a new kitchen, bath and powder room and a new roof.
The family got too big and decided to move into a larger home in the country.
So far, so good.
The seller bought another home thinking, no problem; the old home will sell quickly.
Well, that was an understatement.
It sat on the market for over one year vacant.
What a burden financially and checking on it every week.
The home was situated in a populated urban area near the high school.
Not a bad area, but yet not a high desirable area, unless one was from the area.
One quiet evening, a smoldering fire started in the second floor hall closet.
It really wasn't a large or bad fire; in fact it was contained to that immediate area.
Not sure if you have ever been inside of a home after a fire? Believe it or not, most of the damages are smoke and water related along with some repairs that were needed to assist the fireman.
That have to do what they need to do.
The seller met with the insurance company and agreed to basically consider the property a total loss.
The seller got the insurance check to make them whole, buy still owed some taxes and had to maintain the exterior.
Now what do they do? A friend of a friend inquired and the sellers just wanted to pay the taxes that they owed of $4,500.
The property had been last listed at $60,000.
The home reeked of smoke, all the windows were broken, and lots of water damage for starters.
A lot of unwanted personal items still in the home.
No lights to see anything have to use flashlights to see.
Now, it's a definite "no-wanter.
" After the smoke cleared...
it appeared that there was lots of potential and the property needed about $15-20K to really repair it right.
Let's go with it.
The real estate investor decided to go for it and convert this "no-wanter.
" Bought this gem for $4,500.
Made an inventory of all that it needed and moved ahead with the repair work.
New windows, electrical, insulations, drywall, doors, trim, flooring and painting.
Looking at the pictures while listed and now, there were many more improvements and it show well.
No odors or any sign of a fire, even though it was disclosed.
Put a sign in the window and ran a few ads.
Lots of potential buyers to choose from.
Selected the best buyer and closed on the property to a new resale buyer.
A new home for them and it was everything they were looking for in the right area.
So..
..
how did the "no-wanter" that turned into a "wanter" Well...
a few more like this and one can become very wealthy.
With all the new improvement...
it now appraised for...
$79,900.
Do the math.
They may be what some people think, but there are many other logical answers.
Let me share a case study property with you.
A "no-wanter.
" The seller of this property had fixed up a good portion of it several years ago including a new kitchen, bath and powder room and a new roof.
The family got too big and decided to move into a larger home in the country.
So far, so good.
The seller bought another home thinking, no problem; the old home will sell quickly.
Well, that was an understatement.
It sat on the market for over one year vacant.
What a burden financially and checking on it every week.
The home was situated in a populated urban area near the high school.
Not a bad area, but yet not a high desirable area, unless one was from the area.
One quiet evening, a smoldering fire started in the second floor hall closet.
It really wasn't a large or bad fire; in fact it was contained to that immediate area.
Not sure if you have ever been inside of a home after a fire? Believe it or not, most of the damages are smoke and water related along with some repairs that were needed to assist the fireman.
That have to do what they need to do.
The seller met with the insurance company and agreed to basically consider the property a total loss.
The seller got the insurance check to make them whole, buy still owed some taxes and had to maintain the exterior.
Now what do they do? A friend of a friend inquired and the sellers just wanted to pay the taxes that they owed of $4,500.
The property had been last listed at $60,000.
The home reeked of smoke, all the windows were broken, and lots of water damage for starters.
A lot of unwanted personal items still in the home.
No lights to see anything have to use flashlights to see.
Now, it's a definite "no-wanter.
" After the smoke cleared...
it appeared that there was lots of potential and the property needed about $15-20K to really repair it right.
Let's go with it.
The real estate investor decided to go for it and convert this "no-wanter.
" Bought this gem for $4,500.
Made an inventory of all that it needed and moved ahead with the repair work.
New windows, electrical, insulations, drywall, doors, trim, flooring and painting.
Looking at the pictures while listed and now, there were many more improvements and it show well.
No odors or any sign of a fire, even though it was disclosed.
Put a sign in the window and ran a few ads.
Lots of potential buyers to choose from.
Selected the best buyer and closed on the property to a new resale buyer.
A new home for them and it was everything they were looking for in the right area.
So..
..
how did the "no-wanter" that turned into a "wanter" Well...
a few more like this and one can become very wealthy.
With all the new improvement...
it now appraised for...
$79,900.
Do the math.