My Real Estate Blog

When banks take over foreclosed homes, they’re often in bad condition and, depending on how long they stay vacant, they could get even worse. Foreclosed homes are frequently vandalized and can have broken windows, water damage, missing fixtures & appliances, and more. Some homes are even uninhabitable, making it nearly impossible for a buyer to secure a mortgage.

Realtors have been suggesting to the banks for quite a while to spend some money on these properties and now the banks are doing more than just listening. The agents are identifying the necessary repairs which often include fixes such as paint, some remodeling, refinishing damaged floors, repairing leaky roofs, and replacing old and broken windows.

Banks are hoping that the repairs will make the properties more appealing to regular buyers instead of just investors and professional rehabbers.

As banks invest a little more “makeover” money into the foreclosed properties, there may be an overall boost in the real estate market due to greater demand and increased sales prices of these homes.

The foreclosure market is also gaining more attention from financial giant, Bank of America. Its  focus on what it calls its “core mortgage operations” may benefit troubled homeowners.