All Forum Posts by: Jim & Michele Wilcox

REO's are almost always listed by local RE agents where the property is located. If you go to the many bank sites and click on their "bank owned property" list - it will show houses and with whom the house is listed through MLS.

I agree that the houses are not listed well. Many are at FMV and need lots of major work. A bank doesn't look at cosmetic or updating as a bad thing. They like to look at major plumbing leaks, bad roofs and the like for price reductions.

Plus, the bank lets the RE agent listing the house set the price. Personally, I have never seen a REO house on MLS at a good price. I'm wondering if the RE agents are promising high prices to get the listings from the banks.

I'm also seeing Banks fixing up and repairing properties in our area to try and get higher prices. They are fixing major problems but still leave the house in less than desireable condition.

I've seen houses here on the market for almost a year - and have talked to those making offers - and the banks rejecting each one. I'm not sure they want to sell these houses. I'm at a loss to understand it.

P.S. ... I'm not sure where I read this, but I read that lowering a price on a house depends on spans of time and how many offers they get within those time spans. I'm not sure how that works. Anyone?

Just my 2 cents on this one as I've seen it.

Good luck and keep us "posted"!! :mrgreen:

You asked - "what is the best improvement to make on a house" - you might clarify and ask to what or whom is this improvement is helping or motivating.

It depends on what you are after. If you want a higher appraised value out of a house - then do improvements an appraiser might like.

If you want to sell your house quickly to a buyer - make improvements that are WOW factor improvements.

We as investors don't sell to appraisers so why not make improvements that will sell your property to buyers.

They don't think to do it or are not savvy enough to think of it or don't have the fix-up money to do it or ... or .... or .... :D

I'll weigh in on the NO windows comment. I think if you have the money, invest in "replacement windows" if the existing windows are single pane. It's an easy fix, not expensive, add will value to your home because it will help in heating/air costs. It is considered an "energy saving upgrade".

I agree with updating the kitchen and baths, and the wow factor. I think your plan is good, but I'm not sure you can do it all in 3 years. Don't put a time limit on your plan - just work the plan. You'll have less stress and will accomplish your goals.

Good luck.

Hi All - I got started in Real Estate at age 18 working for a RE Attorney - then got my RE license - then started buying land. Later I we started a construction company and became licensed general contractors. We build for clients and also do spec homes and remodels. Now I am into rehabbing as a sideline to new construction. Its all a progression I guess until you find what you really enjoy in the REI biz.

The carpet tack strips used are the same for wood or cement sub-flooring. It's the nails to put it down with and the tools that are different. If you can't do it so it looks professional, call a carpet installer and tell him your problem. I'm sure he could fix it in 15 minutes using the proper equipment and do it professionally at little cost. Why possibly ruin your new wood floor and your carpet because of inexperience.

When you can get carpet totally installed for about $3.50 per square yard, your little fix should be very reasonable.

Good luck.

Great new area - I hope I can contribute in some way.

I think you should know all that info before you even think of purchasing a rehab. JMHO

I think it took yesterday's remembrances to bring back the true horror of that day. We seem to feel the pain for a short time and go on - we really need to remember that so many people lost their lives and loved ones on 9/11/01 and it was a horrific event in our lives.

I agree, we need to be a more understanding world.

:mrgreen: HI !!!!