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.
Cathy,
Thank you for showing the value investors can bring into a neighborhood!
We have refurbished homes throughout the greater Phoenix area for years and have always felt we contributed to neighborhoods with our work ethic.
Best regards,
Cathy, they really did a nice job. Has it sold yet?
Wow! Cathy, your investors did an amazing job. I had seen that house before they fixed it up. Just like you and your investment team to be able to find the jewel in the rough. This house is adorable! Great job!
Great photos. How did you get them to align so perfectly in AR?
More proof that there are great flippers out there and they don't all deserve to be labeled negatively.
Judi - I work with two investors and they have a lot of integrity with their work which is definitely a contribution to the neighborhood.
Lee - Just put it on the market this week but looking for a quick sale. Thanks.
May Kay - Thanks for the kind words about this adorable home.
Drew - I just resize the pics individually to have them match once I download them. There are great flippers out there - as this indicates.