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Stagers. . are you "In Good Hands?" when you take on a Foreclosure?

By
Home Stager

 

 

We're all out there trying to make lemonade out of lemons and that may mean taking on foreclosures or other types of distressed properties to Stage.  If anything, these properties and their owners need our help even more.  However, if you are presented with this:

please read a recent article from the Sun-Sentinel.  In it they reported that there are 250,000 Florida homes in some stage of foreclosure and that most insurers don't cover vacant properties.  Added to that is the issue of ownership and, as we know all too well here in Florida, if you can find someone to cover you, how much will it cost? 

Vacant homes also stick out like a sore thumb for vandals and other unwelcomed guests.

and, you guessed it, we're at the beginning of hurricane season.

Every situation is different , so if you have your inventory in a vacant home, or any, for that matter, please check with your insurer to see what coverage you have.  I know some have a clause in their contracts requiring the Seller to show proof of Content Insurance.  Some I've spoken with take their chances and assume they'll just write off any damage/theft as a loss.  What are you doing??

 

Posted by

Kathy Streib
Retired Home Stager
and Interior Redesign

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Comments(9)

Ginger Foust
Certified Staging Professional - Oakhurst, CA
Home Stager Oakhurst CA, Dream Interior Redesign & Staging

Great information to share here Kathy.  I have also heard of banks suddenly and without warning changing the locks in foreclosed houses, leaving the stager unable to get back their inventory.  Scary in many ways! 

Jun 12, 2009 04:35 PM
Cindy Bryant
Redesign Etc. Home Staging - Houston, TX
"Houston Home Staging Pros"

I've been receiving more inquires for foreclosures lately, interesting, may be the next trend.

Jun 12, 2009 04:46 PM
Maureen Bray Portland OR Home Stager ~ Room Solutions Staging
Room Solutions Staging, Portland OR - Portland, OR
"Staging Consultations that Sell Portland Homes"

Kathy ~ I've staged 3 foreclosed homes and one important thing to be aware of is to make the staging contract agreement with the owning bank ... not with an owner who is about to be foreclosed on.  Banks are very good clients, I can assure you.  As far as the insurance issue, my policy coverage does include unoccupied homes, as my insurer considers homes that have furnishings in them as "unoccupied" rather than "vacant" and they have put that in writing. 

Jun 12, 2009 05:03 PM
Cathy Lee
CL Design Services Home Staging - Danville, CA
ASP, IAHSP, RESA Danville, CA

I have had positive experiences with bank owned properties but you must be cautious and do your homework and have good contracts. 

Jun 12, 2009 05:20 PM
Lori Kim Polk
Premiere Home Staging : Home Staging Services - Roseville, CA
Home Stager - Roseville, Sacramento

I do not stage foreclosed homes due to the fact that they are not in the condition to be staged. We wait until one of our investors buys it and cleans it up. Then we stage it. As long as the REAs is actively showing the home and you are checking on it, it is not a vacant home.

Jun 13, 2009 11:28 AM
Kathy Streib
Cypress, TX
Home Stager/Redesign

Ginger-hadn't heard about the banks changing the locks but certainly something we all need to be aware of.

Cindy- Hi-I'm a Houstonian by birth!- Worth investigating the foreclosures; depends on who's paying for the Staging.  I've spoken to some investors here and they don't want to put any money into even fixing up the house. 

Maureen- Agree with you about dealing with the bank or investor.  Great that your insurer covers the furnishings.  Worth everyone checking out their insurer. 

Cathy Lee-We didn't have any problem working with the bank owned properties as far as payment was concerned.  Just have to check to make sure either your or their insurer will cover the furnishings.

Lori- Hi and thanks for commenting.  I'm targeting the investors but have also found that there are realtors who specialize in distressed properties.  

Jun 13, 2009 01:09 PM
Virginia Tatseos
Stage-Show-Sell - Bloomfield Township, MI

Well what I'm doing is spinning my wheels.   I'm trying to sell a home in Volusia County.  The house is insured as a 2nd home.  I'm working with a great realtor BUT am very surprised that after an initial talks with TWO DIFFERENT stagers   they tell me how busy they are and they don't get back with me.

I hat being on the other end of this transaction.

 

 

Jun 14, 2009 09:19 AM
Gail MacMillan
Titusville, FL

Hi Kathy...you, like the rest of real estate related businesses....have more than our work cut out for us. I applaud your efforts to being cognizance to a distressed industry.  Best wishes, I used to live down your way and still have several friends there.

Jun 15, 2009 11:23 AM
Kathy Streib
Cypress, TX
Home Stager/Redesign

Virginia-thanks for a great conversation.  I'm working on something for you.

Gail-quite the market, isn't it?  We've got to get more creative and re-think our business models.  Howls the market in Brevard County? 

Jun 15, 2009 01:42 PM