Some banks and corporate sellers have caught on! Buyers prefer a home that is ready to live in versus a fixer-upper. In addition, homes that are well maintained, have active utilities and are repaired gain more interest and showings. Some sellers of foreclosures have made it a practice to repair homes prior to selling them on the market. Are you looking for a home that is move in ready?
Why would they invest the time and money into repairs? Repaired homes sell faster (lower days on the market), bring a higher value and are good for neighborhoods. Often the bank will recoup the entire amount of repairs plus additional profit when they fix up a property. Banks generally use national construction repair companies to evaluate repairs in conjunction with the listing agent they have assigned to a property.
In my many years of listing foreclosures for banks, I have found the following entities frequently repair homes prior to being listed:
And here is the “other side of the coin”. I have found these organization notoriously have the worse condition properties and do not do any repairs. Sometimes they even have trash left from the former occupant!
Yes, Bank of America made it on both of my lists. I have seen properties that have been fixed to perfect repaired condition and homes that were falling down in BOA’s inventory of foreclosures. These may be a surprise as to what you will find.
Whether you are looking for a move-in ready, recently renovated home or a fixer-upper, there will be the perfect foreclosure available for you.