Foreclosure in 53220>Question Details

Jeff, Home Buyer in Greenfield, WI

This property has been winterized since December, 2006. How can I find out why this house hasn't sold in?

Asked by Jeff, Greenfield, WI Sun Aug 17, 2008

over a year and a half?

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Answers

3
Jeff we are seeing many homes that are on the market for a long time. Some homes because of the repairs that are needed you have to pay cash for the home. So someone that is coming into a home like this is going to want to know that the home will be worth the repair cost and have the money to work on the home. At one time FHA had a program where you could get a loan for repairs but you had to use contractors to do the work. It had to been done through a place like Home Depot. The lenders want to make sure that when it was done it was done right. You could not do the work on the home. I am not sure if there is still program like is any more. I know about it before the big shake down on the banks. You might want to talk with a loan officer and see if they still have that type of program available. They would appraise the home with the improvements that needed to be done. But the home could not have basement issues or roof issues more of an interior issue. Nothing major.
0 votes Thank Flag Link Sun Jan 25, 2009
In addition to Jeff's answer, right now lending practices have really tightened up. Your average lender usually will not allow you to close on a house that is in need of major repairs...and in cases of foreclosure, alot of time the bank-owner will not make any repairs. So while you might have a buyer that is willing to buy, you have a lender that will not lend on a house that needs repairs and an owner who will not make the repairs! This is making for some real complicated transactions right now.
0 votes Thank Flag Link Sun Dec 7, 2008
Hello Jeff,

The quick answer is that the price isn't attractive to the right buyer.

Because foreclosures can be in very rough shape, the price needs to be attractive and the buyer may need to be willing and able to possibly spend $1,000's to get the home back up to snuff.

Many times with a foreclosure, the foreclosed owner has given up on the property months before the actual foreclosure takes place. They may have stopped doing any maintenance or cleaning or have even taken out their frustrations on the house (causing damage, removing fixtures, etc).

Also, the banks usually have the utilities turned off. So there is no water or heat going in. The new owner is responsible for getting these hooked back up, not to mention the damamge our cold winters can do to the interior of a house! The new owner has to be willing and able to handle these problems, usually before moving in to the home.

If you could provide me with an address or MLS number, I would be happy to find out more or to even schedule a time when you and I could go through the property to see what kind of condition it is in.

Feel free to contact me.

Jeff Gramins
First Weber Group
Office: 262.754.6680
Cell: 262.206.7290
jgramins@firstweber.com
0 votes Thank Flag Link Sun Aug 17, 2008
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