Monday, June 15, 2009

Foreclosure Experience -6

In case of bank owned property, planning of moving is different from moving in to regular house. It is more complicated. In the process of offering, you must have done inspection of the property. If you have major problem such as piping, roof, termite, etc ... you must solve these problems before moving in.

You also need to address damages. If your property has damages on walls, floors, bath rooms, etc... you want to repair them all before moving in. Therefore, the process of moving into a bank owned house requires more steps:

Deal completed ==> Review Inspection ==> Repair Major Damages ==> Address and repair all the damages ==> Moving in.

From offer to moving in, 3-5 more steps are necessary in case of foreclosure homes. In addition, including inspections by experts, any and all these additional steps are not simple and easy.

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Shaw Funami
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Marketing Unscrambled, learn to earn 14 said...

Shaw, that is why most people do not want to deal with them. It takes more time, money and energy to do the bank owned homes. You would think that they would want to sell them as fast a s possible and not make the buyers do the dog and pony show, just to buy the house. It must be-got burned once they do not want to do that again.
Dan and Deanna "Marketing Unscrambled"

Shaw said...

Dan & Deanna,

You are right that I do not feel like dealing them again, if all possible. It takes more time, energy, and money than you think as you pointed out.

Thank you for your comment.
Shaw Funami
Fill the Missing Link

Hilary Melton-Butcher said...

Well done Shaw - and the home looks lovely .. and now you know the process, even if you never use it .. 'you are the expert' - now where have I heard that before??

Good news - all the best
Hilary Melton-Butcher
Positive Letters

Shaw said...


It turned out to be all good as you say. Thank you! So, we need to be careful to evaluate what is happening. Panicy situation could be better later on.

I remember the expression to be from somewhere San Diego?

Thank you for your comment.
Shaw Funami
Fill the Missing Link