Friday, June 19, 2009

Foreclosure Experience - 9

About one month has passed since we started to live in our new home. We are still finding something unexpected inside of home. Something, such as there are a hole in air ventilating net when we took our dog to walk in back yard. We were advised by the inspector that we should do something for termite. We called Pest Control Company, they said they should cover entire home to kill all harmful insects from our home. We decided to take care of the local area where the inspector pointed out, instead of covering all house to termite control and scaring our neighbors after upset them in constructions and repairs. But, basically the house is getting better day by day and we are enjoying it.

I thought it would be very good opportunity for ourselves to summarize what we learned from our experience in dealing with Foreclosure Property.

1. Foreclosure is not quick deal. It could take long time if you do not approach right.
2. Foreclosure is not simple deal. You may face multiple offers which complicate the offering process and it cause you to take more time.
3. Foreclosure is not necessarily price driven game. You may need to think about contents and quality of your offer in the way bank likes. Although I had an impression that we could offer lower than listed, it may not be the case.
4. Foreclosure requires additional process of inspection. Buyer can skip this process, but the buyer may end up facing bigger problem. So, buyers are usually careful. This means more cost and time factors for buyers.
5. Bank owner offers houses "as is". Even you find damage on the property, the owner bank will neither repair nor discuss about pricing even buyer found damages.
6. Foreclosure needs repair of the property for buyer to live in. Buyer needs to access the cost and time for the repair.

If you are an investor on foreclosure properties, these points must be kept in your mind. If you are a buyer, you may hope to take your time to plan schedule and assess risks and costs of the deal.

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Shaw Funami
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Hilary Melton-Butcher said...

Hi Shaw .. all I can say is well done for getting everything sorted so quickly ..

Enjoy the weekend -
Hilary Melton-Butcher
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Marketing Unscrambled, learn to earn 14 said...

Shaw, that is a good list. you covered it very well. It can take some time to get things done. It may even end up costing you more than you thought that it might.
Dan and Deanna "Marketing Unscrambled"

Shaw said...

Dear Hilary,

We were so desparate and had done whatever could do. As a result, it happened to be that quick. If we were asked to do again, I cannot be confident if we can.

Thank you for your comment.
Shaw Funami
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Shaw said...

Dan & Deanna,

Thank you for your comment. If I did not do that now, all we experience will be gone in 1-2 months. It is important to take some time to relax and give it a thinking.

Thank you again.
Shaw Funami
Fill the Missing Link