Foreclosure in 97502>Question Details

Sanfranfan, Home Buyer in 97502

Looked @ nice foreclosure in my price range. Then bank took off market and doing repairs-will this drive the prrice up when they relist it?

Asked by Sanfranfan, 97502 Thu Jun 17, 2010

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Many banks have gotten on the bandwagon that ugly houses are hard to sell. So they'll list, and then take off and rehab and put back on the market. Will it up the price? Probably, but not usually as much as a private seller would. The bank will probably do things like new carpet and paint, maybe light fixtures and appliances. Check with a local agent on what houses in good condition similar to that one are selling for.
1 vote Thank Flag Link Thu Jun 17, 2010
It really depends...

Although, I must say that I have not seen a lot of Banks spend lot's of money to improve bank owned homes.
They seem to do minimal repairs only so the home is financiable for buyers. If it's not, I have witnessed a bank tearing down a home that was not financiable and selling the land only.

I wish you the best of luck!
Kimberly Kinville- East Metro Specialist
0 votes Thank Flag Link Thu Jun 24, 2010
It totally depends on the type of repairs that had to be done and what they had it on the market for. If there was mold or something like that-they know it is an issue that has to be taken care of before it can be sold. A bank wants to protect their investment the same as any other seller. That being said, they may have just completed the repairs for that reason and it will stay the same price. If it was major repairs, the price may go up to compensate for it.
0 votes Thank Flag Link Thu Jun 17, 2010
It may or may not, nowadays the banks are putting the properties on the market at market value. For the most part you cant expect it to be either at list price or slightly above. I recommend looking at other properties similar in the area or have a local agent do a CMA (comparative market analysis) for you. This will give you a good idea of what the price may be when the home is relisted.
0 votes Thank Flag Link Thu Jun 17, 2010
Most likey - the bank is not going to put money into any repairs that it doesn't see raising the selling price of the home.
0 votes Thank Flag Link Thu Jun 17, 2010
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