Ready, Set, Show!

I showed a home the other day that was in by far the worst condition of an occupied home than any other home I've shown yet.  Yes, I've seen some pretty rough and dirty homes walking through the bank owned properties.  However, I've always been prepared for those showings due to inevitable condition some of the properties are in. 

 

Because of our current market, it's my opinion that some sellers feel they don't necessarily need to clean or de-clutter their home as often as they would have 5 years ago as they're clearly in competition of the bank owned homes.  A larger portion of the bank owned homes than you expect have been damaged by the former owners or tenants, but most banks will not list a home until it has been properly cleaned out.  Damage is easy to look past and when trying to identify the amount of work needed to bring a home up to move in condition.  But when you're looking at an occupied home, that's full of clutter and obviously hasn't been cleaned in weeks it is very tough for a buyer to look beyond the immediate picture to see if the home has good 'bones' to work with.

 

While it may not be necessary to deep clean ahead of every showing, picking up debris and trash along with pulling out the vacuum or broom can really go a long way.  Removing clutter or boxing the nick knacks and storing in the basement until the home sells will greatly improve your chances of selling quicker.  Being able to see a home's potential is so much easier when there is little in the way of each room and hallway you walk down. 

Buyers are certainly prepared to see some awful things when walking through a bank owned, vacant, home.  It's the occupied properties they always find surprising and are immediately turned off once they walk in the door and see what's ahead of them.

Extending the Redemption Period?

I recently had some clients that were nearing the end of their redemption period.  They had received an offer at the last minute and wanted to ask their lender to extend the redemption period. We were prepared for the unlikelihood that this could happen, but still submitted the offer on the off chance their bank would do something to make it work out for the sellers. 


Unfortunately, my sellers were unable to get their redemption period extended.  After speaking with the foreclosure attorney, I found that the lender could do nothing to extend the redemption period in order for this to work for the sellers.  However, if the sellers wanted to extend there is another trick that may have worked.  The trick would be that of the sellers filling bankruptcy.  If the sellers were to file bankruptcy, the redemption period could be extended another 60 days from the date they filled.  My sellers had no intentions of filling bankruptcy at the time and therefore this 'trick' wasn't truly an option. 


I just wanted to share this scenario, in the event you or someone you know might be in a situation where an offer comes late in the redemption period.  If you have questions on redemption periods, click here or feel free to give me a call or send an email.