Home Buying in Orange County>Question Details

Susan, Home Buyer in Santa Ana, CA

I have been searching for a home in the Orange County area, and was amazed at the condition of many homes.

Asked by Susan, Santa Ana, CA Fri Feb 26, 2010

Is there a market for home make over assisance? Do real estate agents ever suggest or recommend a make over be completed?

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Answers

7
Those homes that amazed you are likely short sales or REO. Generally speaking there will be very little "re-conditioning" or staging done to distressed properties. On the bright side you probably noticed a correlation between listing price and condition I hope. Buy a fixer-upper at a discount and customize it to your specific tastes with brand-new materials or pay a little more for a home in good to excellent condition.
1 vote Thank Flag Link Fri Feb 26, 2010
There's a market for everything.

If you're buying or know someone who is, you could benefit from an FHA 203(k) renovation loan or, if you're buying a HUD-owned home (REO) you can get repair escrows set aside.

Let me know if this t ype of financing would be of interest to you - I'm happy to help!

Tom
Eagle Nationwide Mortgage - Thomas.Stevens@ENMCdirect.com
0 votes Thank Flag Link Fri Feb 26, 2010
Hi Susan,
I know what you mean about the condition of some property. In my opinion,, however, that this is isolated to homes in a lower price point and specifically foreclosure properties.
There is also a misconception of some buyers, that all homes will be outfitted with expensive upgrades "as shown on TV." Unless the property is new construction, it is doubtful that Granite, Exotic Hardwoods,crown moulding or other very popular upgrades will be found.
0 votes Thank Flag Link Fri Feb 26, 2010
Prices are low...........fixing up a home is often a reality when getting a deal in this market.

Interest rates are heading up soon.....the buyer that hesitates will miss the train leaving the station.

For more info go to: ocbankownedexperts.com

Kurt Steinhebel
Century 21 Award
Orange County CA
714-365-6135
0 votes Thank Flag Link Fri Feb 26, 2010
Hi Susan~

The answer is yes agents do make recommendations for makeovers and/or staging prior to putting a home on the market but in the current economy many of the homes on the market are either foreclosures or short sales where the sellers either do not have the money to fix the home up (short sale) or will not put in the money to fix the home up (common with the foreclosed homes).

If you are not already doing so, you may wish to work with an agent that can preview the homes for you so that those you are seeing are a better fit for what you are looking for.
Web Reference: http://www.cathyhaney.com
0 votes Thank Flag Link Fri Feb 26, 2010
Hi Susan,

Unfortunately price is driving the market at this point....so few sellers want to invest money to upgrade their homes. Appraisers are not really allowed to increase the value of the home for a lot of these upgrades so the equity sellers are really on the same level as the short sales and REOs which are often in bad shape.

In a normal market, there are stagers that many of us use to spruce up a home. This can range from decluttering to complete make overs and new furniture, there is normally a market for this....but again, right now, buyer's are making offers on price, so spending extra money is not necessary.

Karen
0 votes Thank Flag Link Fri Feb 26, 2010
Yes in many instances we recommend that or home staging there are professionals who handle this.

However if property is foreclosure in most instances these homes COULD be discounted where buyer can customize interior to their specifications.

Lynn911
Web Reference: http://www.lynn911.com
0 votes Thank Flag Link Fri Feb 26, 2010
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