Making a Hoarder House a Home Again
Given its location in a college town, we were surprised to find that this property had extreme hoarder conditions. Items were strewn about in piles that in some cases touched the ceiling. Every available surface was utilized and even the rats had died. The house appeared to have been deserted and there were signs that squatters had broken in and resided inside. The accumulation of debris was a significant fire hazard in addition to the degradation of the structure from lack of maintenance. We were able to completely rehabilitate this property, clean it out and fix the violations of state and municipal health and safety codes.
California Receivership Group’s Work to Restore this Property Pays Off with Sale Price $175,000 Over Previous Estimated Value
When we were first appointed as the Receiver of this case, a licensed Real Estate Broker valued the property at $275,000. After our work to remove the dangerous conditions onsite and clean up the house, it sold for $450,000 to a family committed to keeping it in good condition moving forward. Due to the high sale price, over $180,000 of proceeds were left over after we paid for the rehabilitation work and legal fees. The money rightfully belonged to the original owner who had left the property in the condition we initially found it in. However, we had never heard from this individual during the lifespan of the case, and he did not return our phone calls or letters. Luckily, our General Counsel was able to track down his cousin who is also an attorney. Through his cousin we were able to arrange an in-person meeting to verify his identity and present him with his check for the proceeds of the sale.