I have a very simple plan for the bank owners of foreclosed homes in Macomb
County and the
entire Metro Detroit area. In fact, it's so simple that the banks
probably won't even consider it, let alone put it into practice.
Part 1: Turn the utilities on. Pay $40-$60 per month to keep the heat on at a minimal temperature, and to keep the electricity on for sump pumps, security and a potential buyers comfort while viewing the homes.
Part 2: Hire local unemployed contractors and handymen/women to take care of urgent repairs. IE roof leaks, mildew/mold removal, broken windows.
That's it. There are no more steps to my plan.
With 2 simple steps the banks would realize thousands more in sales prices, and
local unemployed people would be gainfully employed and contributing to the economy.
I would be willing to bet that if a bank or asset manager spent $1,000 to $2,000 per home they
would then be able to receive tens of thousands more for the homes they are now trying to
dump sell.
These bank owned homes are being sold for thousands and thousands under market value
and hurting the resale value of entire neighborhoods. The banks should be doing all they can
to start reversing this process.
I wonder why they haven't thought of this? Shame on them.
© 2008 Kris Wales RE/MAX Advantage 1, Inc. Chesterfield Township - A Macomb County real estate agent
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KW,
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