We have all seen it on the wonderful Foreclosure Flipping show on HGTV that Tarek and his wife buy properties for hundreds of thousands of dollars; site unseen and then go into the house to see; “what did i buy?” The suspenseful, drama filled action makes for great TV viewership, but the reality is, I would hope NO investor took that approach. BUT of course, there is that one…or probably dozens of investors looking to cash in on the gold rush of foreclosures in Florida that are buying homes site unseen. In Cape Coral William Wilson an investor found something not so wonderful in his property.
A quick side note, Cape Coral is an area I personally view 100’s of homes for investors who are out of state and need some eyes on prospective properties they are bidding on at the foreclosure auction. I do this for a nominal fee and every investor I have done this for has been that much happier when they buy the home (or when i suggest not to buy X home), there are not any unknown surprises, unlike Mr. Wilson found.
According to article in The News-Press of Fort Myers after Mr. Wilson purchased the foreclosure property for $96,000 he went to view the home on Wednesday. To his surprise there was a corpse found on the master bedroom floor. Yikes, no HGTV video’s rolling to make the drama worth while. From police reports it’s believed there is no foul play.
Can you imagine this…you buy a property hoping to make some money by playing the Foreclosure Flipping game. You are the highest bidder at the Lee County Foreclosure Auction and all you see are dollar signs in your eyes as you drive over to your new real estate investment. You are thinking about what color you will paint the house to give it that great curb appeal every buyer looks for. Maybe you are going to meet your contractor there who you have all the confidence in the world will get the project done in 30 days or less. As you are walking through the house and get to the master bedroom, your heart stops. ( I know mine would)…and your mind asks , “am I really seeing this?” As you stare at the corpse lying there. Yikes…there goes the big payday down the road.
The worst part of this whole ordeal is the Investor, Mr. Wilson per Florida Statute 689.25, has to disclose of this death in the residence. If I am a buyer looking to buy a home, I might pass on this property knowing about a death in it. Foreclosure investors open themselves up to many unknowns when bidding on homes. If you haven’t see the inside of a home (which is often time’s impossible), then be careful, for what you find behind door #3, might not be what is going to make you millions.
I started out investing in foreclosures over 14 years ago. Still today I help investors who want to play this game. I have the real estate expertise to know what properties will be the winners and what properties to stay away from because they will be losers. If you want to chat about this as a potential plan for you, I’d love to be part of your team. Heck, if you don’t have the right Realtor selling the home, the home wont realize it’s maximum potential. Email me and lets start talking today.