Bank Owned Homes And Swiss Cheese?

thumbnailCAQQR4N8The word in the wind is that there will be a Tsunami of bank owned homes coming on the market. It’s not hard to believe when you look at the number of foreclosures happening each month. While out previewing homes in the Everett area a week ago for a client I am working for; we came across lots of short sales. Being very familiar with the short sale market it’s pretty reasonable to assume many of those short sales will be foreclosed on if they haven’t already. The Client put an offer on one, now we wait…

Finding the diamond in the rough

Finding the diamond in the rough

This week I accompanied another couple to tour bank owned homes in the Lake Stevens neighborhoods. The difference in the homes we saw from short sales to foreclosure homes was obvious! Bank owned homes had literally been stripped of everything! Appliances, cabinets, doors, sinks, gutters and flooring! One listing agent had in the description of the home; “upstairs walls look like swiss cheese.” I was curious what that meant until I saw it! There were holes in the walls that looked like someone had taken a bat to every wall.

It was sad to see but my clients looked at the homes as a perfect opportunity to build quick equity. Since he is in construction he was able to visualize the final product once it has been rehabbed. moving painter

Bank owned homes can be good opportunities for the cash buyer, investment buyer, consortium investor and construction company with the opportunity to buy now, rehabilitate and then resell for a profit. It is common to see the poor condition of bank owned homes my clients and I looked at this past week. Former homeowners in financial distress tend to neglect maintenance on the home when they know they are looking at foreclosure in the near future. Unfortunately, our economy has wreaked havoc on many homeowners causing financial distress and foreclosure. moving contractors on roof

A few home buyers will buy the homes and finance them through Rehab loans but most tend to look more towards the homes in need of minor cosmetic touch ups and upgrades because of the time needed to make the repairs and upgrades themselves. This contributes to a great opportunity for the investment buyer to make kitchen upgrades and exterior upgrades and repairs. moving man mowing lawn
Investors commonly can see a 20 to 25% return in their investment with the new home buyer ready to move in to the “new condition home
I recently heard this termed as “Recycled Real Estate”.

So with the upcoming wave of bank owned homes about to hit the market it may be a good time to take a look at the present housing market as the glass 1/2 full for investment buyers, home buyers and investment sellers. Family in Front of House

To see recent new listings of bank owned homes contact me at
Debbie Atwood Is Making A Splash In Snohomish County!
Great opportunities in Everett, Lake Stevens, Arlington, Mukilteo, Marysville, Lynnwood, Monroe, Granite Falls, Bothell and Mill Creek.


Tags: , , , , , , , , , , ,

4 Responses to “Bank Owned Homes And Swiss Cheese?”

  1. Ronald Schoos Says:

    If Chase Bank doesn’t start talking to us. They will not have much of a house to ersale.

  2. sastumro primavera Says:

    I have fun with, lead to I found just what I was taking a look for.

    You’ve ended my 4 day lengthy hunt! God Bless you man. Have a nice day.

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s

%d bloggers like this: