The importance of local knowledge and boots on the ground!

2 Replies

So my phone started ringing off the hook from a good investor client in regards to a property that was newly listed. 

https://www.zillow.com/homes/8620-vallance-road,-leroy,-NY_rb/ (it came in his MLS feed, but you can all get to Zillow)

I pulled it up and it was a REO, the number of $84,500 on an over 3000 sq foot house on an acre of land in Leroy, NY made me take a second look. 5 bed, 2.5 bath, vinyl, huge rooms, 2 fireplaces. I mean sure the pictures show it needs a little loving but those numbers scream $175,000 all day to me and if it dresses nice you could push $200,000. Maybe just maybe this is one of those diamond in the rough properties.

Next I see it is a go and show. I setup an appointment as soon as him and his wife are available (hours not days). I also see that there are appointments booked throughout the day (our online scheduling service lets us know available spots) I look up the listing agent and he is a very experienced agent who knows what he is doing. So I am wondering if maybe he is going low, getting a bidding war going, maybe he has someone he knows is going to go way over so he can get interest stirred. Who knows, but something is not right. He is trying to win this but no.... I'm not letting that happen, I am getting this for my client. We are going to be on it and outplay the players in this game. The internal peptalk starts "Watch for everything".... "You got this"..... "Don't be intimidated".... "You are a rockstar agent"....

As I am driving out there I am thinking of what strategies we can use, so we go with an escalation clause? Do we get a real good look and skip an inspection? Do we steal the key from the lock box and let no-one else in, the old "Dead hooker" and fake friends posing as cops blocking traffic ploy? The always effective Sinkhole warning signs? I start getting closer, the fields are beautiful, the rural roads and forests just make you think of childhood and swimming in a creek. Then I get to about sight of the house, the neighbors places are all pretty, nice roof (that tells you alot), clean, nice cars. I am pulling within a mile and I start to get excited!

Then it hits me, the unmistakable smell of cow manure. Not just field coverings to prepare for a planting...... No...no....no, there is a dairy farm right across the street. Like RIGHT ACROSS the street. Like the cows look at your house. Not that cows looking at me would bother me, however their smell on a warm day blinds you in tears, imagine a good 90 degree day. If you ever asked a maggot that ate off the garbage truck what make him puke, the answer is what came through my car windows. As good sports we ran inside and surprisingly the smell wasn't noticeable (assuming you keep the doors and windows closed and never go outside). A quick run put us at 50K in repairs and improvements. Would be a home run..... If I could ever sell it after he was done. The smell was a deal killer, the freeway up close behind it wasn't that bad, the three 1950's mobile homes on the lot next door for the transient farm workers didn't improve the resale value on a 5 bedroom house.

Well played Veteran REO agent..... Well played....