Would you like a real life story? I am sure you would. I had a buyer who bought a home on Merrifield in the Alger Heights neighborhood of Grand Rapids, MI. It had been listed for a few months and I was tracking the home for my buyer. When it got down to $65,000 my buyer pulled the trigger and offerd $57,000. So much less you ask? How did you come up with that fo an offer? First the assesed value was $57,200. The house was bank owned and had been for sale for over 3 months. When you are not emotionally attached to the outcome you are in the best situation to negotiate as a buyer. After going through the home with a licensed contractor for estimates on what it would be to fix up the home to my buyers standards he reevaluated and accepted the sellers counter of $62,000. Once they closed they went to work on the repairs. Immediately my buyer put the home up for rent. A four bedroom 1.5 bath home in Alger Heights goes for around $900-$1000 per month. After 2 weeks with just a sign in the yard he found a renter for $950 per month that was willing to wait until the repairs where all done. The repairs took 6 weeks. I will list everything my buyer did to the house not neccessarily in order. It was a total of $19,000 in repairs. You might have sticker shock at the redo, but let me tell you what was done. First was a tear off and new roof on the house and 1 stall garage, then all the walls where painted, but first the walls where patched. One thing that was not planned was all the water pipes needed to be replaced as it had been vacant for 2 winters, and the first winter my buyer found out later, it wasn't properly winterized. The home had new windows on the main floor but he had to put in 7 windows upstairs so it wouldn't need any exerior window work. The main floor and upstairs floor was refinished with 3 coats of polyurethane. They had to build a wall to make the egress window that was already in the basement into a 4th bedroom, so new carpet in the finished half of the basement. The basement windows got glass block and the walls and floor where painted white and grey respectively. So what do you do with a bank owned foreclosure when you are done fixing it up and renting it out? My buyers positive cashflow is $150 per month and a solid home that will perform well for years to come.
This advice is informational only provided by http://www.DreamHomeDozeman.com/ Ethan Dozeman 616-301-6766 or 1-866-393-0366
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