The ‘seasoning’ rule (dictating when an investor can resell a home with FHA financing) was recently removed on homes acquired through foreclosure. The following pictures are a perfect example of what makes this a wise decision. With all the foreclosures on the market and the need to have then occupied quickly – keeping them from being turned into neighborhood eyesores – makes the decision an obvious one.
I work with a couple of investors and I am always anxious to see the finished product of their renovations. This particular investor found me on the Internet when they were unhappy with the marketing strategies (and lack of feedback) they received from their previous agent. I did not see that home “before” but was impressed with their work and the level of quality they used – even though it was very moderately priced (under $60,000).
On their next one, they asked me to stop by and give a few suggestions for resale value. I couldn’t wait to see what they created out of how it looked when I stopped by – in fact; there was a long list from the city before they could get the certificate of occupancy. Here are the before and after pictures:
What I like about the work they do is that they will buy a little nicer quality than what the market may support for the resale price. For example, I said that a less expensive kitchen cabinet could have been used and maybe linoleum in the kitchen rather than porcelain tile. They really care about the beauty of the finished product and it is a hard decision to put in lesser quality items.
Like I said, investors make a huge contribution to the neighborhood – even the city officials were impressed on this one.
This home is now for sale for $59,900 - To view the complete finished home & details - click here. Close to Henry Ford Hospital.
Warren Michigan Realtor selling South Eastern Michigan Real Estate. TishHouse sells Houses – selling Real Estate Macomb, Oakland and Wayne Counties with RE/MAX Showcase Homes in Birmingham, Michigan. Helping People in a challenging market by specializing in Short Sales. See what my clients have to say about my extraordinary customer service. Follow me on Twitter.
