Theft at Foreclosed (Bank Owned - REO) homes has reached epidemic proportions... I've gotten to the point that I run through a checklist with the listing agent before I show a REO property just to make sure that there are no surprises. 
I couldn't reach the agent prior to showing the property where I took this photo, but if I had know that the condensers had been pilfered, I would have never shown the property.
Should it be required to disclose in the REALTOR only remarks that vital equipment is not on site?
The listing didn't elude for a second that there was anything "MISSING"...
It was a great house, but it really needs a functional air conditioner for most buyers to be able to secure financing.
And yes, the units have been gutless for a long time...
There needs to be TRUTH in marketing!
Orlando & Lake Mary Florida Real Estate
Debbie Summers, ALHS, ePRO / The Summers Team
407-758-1020 or Debbie@MoveToLakeMary.com
Debbie, It's a sign of the times, I guess. We're seeing the same thing around here. Copper pipes and wiring, along with AC compressors seem to be the targets of choice. I wonder what it says about the listing agent and how they're servicing their listings.
Wow, this is a first for me but I am certainly not at all surprised.
Debbie~So I guess it's safe to say that your Buyer didn't make an offer on this house? :)
Richard- It's amazing to me that many who agents who are listing lots of REO's have no idea what's going on at these properties.
Lanette- Theft is very prevalent here in Central Florida... Between the sellers stripping the house and thieves targeting vacant properties it is very difficult for law enforcement to stay on top of this problem.
LaShawn - You would be correct... Shouldn't we be advised in advance?
Debbie:
It is becoming a real mess. All these empty homes are turning into junk. They should work the shorts faster while the orginal owners are still there. The banks need to move the freight, just taking government money isn't right.
Richard
Use a 203k streamline to get the new condensing unit and financing. IF the house is great and that's the only issue that will help.
#1, i love the new logo.
#2 the 203k can be a great tool to make something like that work... you may even find less competition.
#3 this picture just made me chuckle =0)
chris the implementer
Do you remember the story of a Pennsylvania mortgage broker who stripped his home when foreclosure was imminent? He went to jail.
Unfortunately, foreclosed homes get stripped AFTER they're listed for sale. It doesn't take long for thieves to figure it out. Time and time again, I'd check out foreclosed home that are supposed to be vacant, and detect that people have been living in the vacant houses and set up housekeeping. When I call the listing agent, they are surprised, so they send the police to evict the squatters. Then days later, the same thing happens. Someone else breaks in.
No amount of disclosure will can detail the condition of the property or prevent thieves (some of them, the owners themselves)..
For this reason, when a client asks to see a property in a questionable area, we NEVER go alone. Always think of safety first.
I have seen simialr homes. When showing foreclosures I prepare the buyer and if it is in good condition it is a pleasant surprise.
I think I showed that home. I do think they should disclose, I have seen homes w/out cabinets, door handles, toilets, light fixtures, etc. It's insane. KM
I'm with Pacita, a majority of what I see up here is after the listing theiving. As a listing agent you have to keep up on your vacants, and especially short sales...if nothing else introduce yourself to the neighbors and give them a card...they will almost alwayd keep and eye on the property for you and report anything suspicious!
Hi Debbie~ I love your "There needs to be truth in Marketing..." Yes, it should be very clear on the MLS what is missing, BUT sometimes the listing agent doesn't realize it or know it yet.... it is pretty sad that people think it is ok to take what doesn't belong to them....
Wow! What an incredible picture! I can't believe that this happens so often. You think people would be a little more courteous.
Out here many "foreclosure specialists" never visit the property they have listed, so they wouldn't be able to disclose anything in the MLS.
Best wishes for health, happiness, peace, and prosperity in 2009.