BuyRenovatedForeclosures.com

It is interesting to me how agents make things sound so “easy” in their desire to make a commission. Recently, I had an experience with an agent who was working with a couple looking to buy a foreclosure property. This couple, being in their early 50s, already had the experience of buying and selling a few homes. These empty nesters were looking to get closer to work and simplify their lives by reducing their long daily commute.

While the couple and I were talking about the renovations that would be needed to bring the property up to the neighborhood standards and regain value, the agent chimed in that it “wasn’t a big deal.” She said that if the owners–who were planning to live in the property during most of the renovation–couldn’t do the work themselves, they could “just hire someone.”

Yes, that’s true. If you can’t do the work yourself, hire someone else. But it is not that simple or easy. Do not discount the fact that your life will be in turmoil if you are living in the home during major renovation work. You have got to pay for this work and keep a close eye on the finances. If you know this and are still willing to take on that situation, you should factor in some equity for your trouble.

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I met with a couple local bankers the other day and was very encouraged by what they had to say. I am passionate that we provide a good service (otherwise I never would have gotten into the business). But their support reinforced that we really are on the right track with our balanced approach to helping people find foreclosure/bank-owned homes: they don’t get stuck with fixing up the place, or a high price tag–just a clean, fully-renovated home completely move-in ready.

These guys — one working in Virginia, and the other in Maryland — both got excited about the “win-win” of our business model. They both highly recommended that people interested in getting a great deal on a foreclosure look into our service instead of going it alone.

It just works. For the banks, for you the homeowner, and for us. Here’s how:

We take on all of the risks of overhauling these troubled properties, and get them off the bank’s dead-weight foreclosure list. And you still get a great deal, though a realistic one. You still pay less than market value, but you don’t have to take on any of the risks or hassle of making the place liveable.

It’s a tough market out there, but there are still great deals to be had if you’ve got your priorities straight and can ignore the hype.

We’ve got two properties for sale in Durham, NC: 916 and 918 Elizabeth Street. Check out these videos on YouTube to see the finished product!

916 Elizabeth Street

918 Elizabeth Street

For more info about these houses, sign up for our buyers’ info list by using the form to the right. Or call Kita Graham, our Durham representative, at (919) 332-3157.

This house will be in beautiful, clean, modern, move-in condition when we’re done. But how’d you like to live there now, during the renovation? Yeah, me neither.

It’s been a while since my last post with all that is going on. Been looking at a lot of junker bank-owned properties lately, and we are hard at work on a 4-bedroom single family home at 14111 Mount Pleasant Drive in Woodbridge, VA.

Like a lot of homes that went to foreclosure, it was in really rough shape when we first took on the project. But the repairs and renovations are going well, and I’m very excited about how it will turn out. It is a pretty well-constructed single family home, and homes in the area were selling in the peak a couple years ago in a range of $250,000 to over $300,000.

I have got to post some of our project photos, so you can see just how much work goes into renovating one of these foreclosure properties! I keep talking about how taking on these repair and renovation issues yourself is a huge and inconvenient endeavor, but a picture speaks a thousand words. Our construction crew is very skilled and professional, but I still wouldn’t want to live in the house with all of this work going on!

Check back next week for photos…

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