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	<title>BuyRenovatedForeclosures.com &#187; house</title>
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		<title>Case Study Part 2: Buying a Foreclosure</title>
		<link>http://buyrenovatedforeclosures.com/2008/12/19/case-study-jan-part-two/</link>
		<comments>http://buyrenovatedforeclosures.com/2008/12/19/case-study-jan-part-two/#comments</comments>
		<pubDate>Fri, 19 Dec 2008 17:53:43 +0000</pubDate>
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				<category><![CDATA[Case Studies]]></category>
		<category><![CDATA[buying a home]]></category>
		<category><![CDATA[case study]]></category>
		<category><![CDATA[foreclosures]]></category>
		<category><![CDATA[homebuying]]></category>
		<category><![CDATA[house]]></category>
		<category><![CDATA[real estate]]></category>
		<category><![CDATA[renovation]]></category>
		<category><![CDATA[repairs]]></category>
		<category><![CDATA[searching for a house]]></category>

		<guid isPermaLink="false">http://buyrenovatedforeclosures.com/?p=38</guid>
		<description><![CDATA[After five months of looking, Jan and her family were at their wits end. Complicating the situation, the loan amount she was approved for as a single person was in a range where she could only afford the lower-priced houses in her area. The few deals on reasonably good conditioned homes she did find were [...]]]></description>
			<content:encoded><![CDATA[<p>After five months of looking, Jan and her family were at their wits end. Complicating the situation, the loan amount she was approved for as a single person was in a range where she could only afford the lower-priced houses in her area. The few deals on reasonably good conditioned homes she did find were bid up by other buyers who had the means (maybe) to do the fix-ups needed to the properties. Seeing as many houses as she had, Jan &#8212; and even some of the agents she came across &#8212; felt that people were overpaying for these bank-owned properties, even though they were discounted from the high-priced market at the peak of the bubble.</p>
<p><span id="more-38"></span></p>
<p>While out looking for homes one day, they stumbled across my street sign and website. When the parents came by the house and it was still under construction, they immediately called Jan and told her &#8220;We found your house.&#8221; They called me and asked what seemed like a million questions about all the renovation work we planned to do. They were good questions, particularly from people not in the construction business. They told me their story of seeing so many properties, and the poor condition the banks were trying to sell them in.</p>
<p>Once Jan and I talked, we struck a deal for a little less than what the neighborhood homes were currently selling for by owner-occupants. She even paid me more than the negotiated price in order to get the appliances upgraded to exactly what she wanted. With all the work we did, it was still an older home. But, the place was in true move-in condition and fixed up just as she wanted.</p>
<p>Jan, as a single owner with no renovation experience, did not have to worry about plumbing issues, appliances, windows, bathrooms, flooring, the hot water heater or heat pump&#8230;the list goes on. The house was a true deal for her, unlike all of those other nasty foreclosures she saw. Since it was already well-renovated, she was able to get over the first year of so of being &#8220;house poor&#8221; before deciding whether or not to change other things in the house &#8212; which would then be optional and not major repairs.</p>
<p><em>Check back on Monday for Part 3 of Jan&#8217;s buying a foreclosure experience: The Closing</em></p>
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