Today I went out with a Buyer client looking for condos near the University of MD. The criteria was pretty simple: cheap.  That meant lots of bank-owned condos and lots of short sales.

I’m hear to tell you it’s been a long time since I went out and looked at so many distressed properties. Some were in pretty good shape, one had the entire kitchen gutted – no appliances whatsoever or counters or cabinets…nothing but an empty room – one had  a bathroom with the ceiling in partial collapse. Most had filthy and/or torn carpet and were badly in need of a paint job.

All of them were being sold “as is”. No repairs. No concessions.  What you see is what you get.

It’s kind of sad, really. Both for the people who used to live in the condos (or are on the way out) and for whoever ends up buying them.