Puget Sound Home Resource

It seems that there is a contingent who believes that foreclosure and short sale specialists and investors are guilty of “vulture-ism”. I see that sentiment popping up more and more in the comments sections of online articles.

I’d like to explain why they are accurate, and why I’m proud to be considered a “vulture”.

Let’s get to the heart of the matter. What exactly is a distressed property? It is a piece of real estate without a caretaker. Many foreclosed properties are already in disrepair before the previous owner vacates. The longer the property sits, the worse it is for the neighborhood. Empty units deteriorate quickly, especially in rainy western Washington and Seattle.

These “vultures” purchase damaged properties, invest time and resources, and either rent or sell once they are again habitable.

As in the wild, vultures help keep the place clean of things that can contaminate the environment.

The difficulty many people initially have, myself included, is that people are profiting from misery. Of course, the same can be said for doctors, attorneys, counselors, etc…

Myself, I’d much rather be talking with happy and hopeful future homeowners. But that will have to wait. Right now we need “vultures”, people who are willing to do the dirty work to clean this mess up. Once we are again in a balanced market I can look forward to the majority of my clients being those happy and hopeful future homeowners.

Do you know who those happy and hopeful future homeowners will be? They will be the depressed and discouraged current homeowners whose budgets are overtaxed and overextended. Only after their personal balance sheets are healthy will they again be the new homeowners helping to drive the economy onward and upward.

We’ve had plenty of people at the party having a grand old time and enjoying the ride. But the ride is over and it’s time to clean up the mess.

Read the article that prompted this post.

What I find interesting is in the comments section. The “vulture-ism” comment comes from an architect. One would think that someone so closely tied to real estate would be ecstatic to see foreclosed properties sold and maintained as opposed to rotting on the lot, adding further blight to already struggling neighborhoods.

H/T: Seattle Bubble Blog

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