Foreclosure in Houston>Question Details

Richard Will…,  in 77328

who do you contact to do repairs on forclosed homes?

Asked by Richard Williams, 77328 Tue Feb 10, 2009

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If the home was foreclosured on by the lender and purchased back by the lender at the Trustee Sale, the property is now a REO, or Real Estate Owned. Typically the house will be sold as is, that is the lender will not do any repairs to the property as a condition of sale.

Jim McNinch
1 vote Thank Flag Link Tue Feb 10, 2009
If you are a Realtor representing the lender, you will need do do a lot of the work yourself or have your own team put together. Many lenders have you do the work and reimburse you and not too fast at that.
This is to the extent as to show the home, that is why you will see the foreclosures in different such different states of repair. Different lenders will allow for different work done and different Realtors do a better job of preparing the house.
Now if you are a Realtor representing the buyer, who does the work has to do with how the buyer is going to pay. Is this work done before closing or does the buyer have an FHA203 loan. The buyer may choose his/her self a friend or neighbor if he is paying but if in loan it must be a someone certified to do this type of work and in business doing this type of work.
Your question is not real clear so I hope this helps.
If you are representing the lender and need contacts - contact some Realtors that you see have a lot of REO listings.
0 votes Thank Flag Link Wed Feb 11, 2009

Most lenders don't seem to want to do repairs.
Are you representing a buyer or seller.
If you need board up, clean up, yard services, etc there are some companies around that will do this.
Just do a google search with your zip code and REO services.
0 votes Thank Flag Link Tue Feb 10, 2009
Bruce Lynn, Real Estate Pro in Coppell, TX

With foreclosures, the extent of the banks normal maintenance responsibility is cleaning it out and keeping the lawn mowed.

Once you have ownership, the choice is yours.....until then, usually nothing is done.

Good luck
0 votes Thank Flag Link Tue Feb 10, 2009
Jim is right. But there are loans that will build in some construction costs. Not everything....
You may want to look into FHA 203(k) loans. I don't do them but maybe I could refer you to someone.
0 votes Thank Flag Link Tue Feb 10, 2009
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