FAR 024 Topics:
Re-selling your own home. Ideally, move most of your stuff out. Consider a service like PODS who will bring a storage unit to you, then move it to their secured space until you find your new place. Put EVERYTHING you won’t need for a few months in it. Paint neutral colors. Buyers might like your color choices, but they also might not. A “blank canvas” is likely to appeal to more buyers. Hire home inspector, make needed repairs Fix up the lawn. Do everything you can to increase that curb appeal. Consider upgrades to the kitchen and/or master bathroom. Interview agents, hire one that has a complete marketing plan for your home. Even in a hot market, take nothing for granted. Emails: Gershawn from Greenville, SC “I want to bid on a foreclosure being sold at the courthouse steps in June. How should I go about this?”
- Do your homework. Visit the property. If occupied do a “drive-by” repair assessment.
- Premise: The condition of the outside is a reflection of the condition of the inside.
- Assume roughly $25/sf plus $5000 for every 10 years of age as a repair “guess-timate”
- Research the title. Make sure the foreclosing loan is in first position. Learn whether back taxes are owed.
- Have several possibilities. If you go with only one in mind your odds are much lower and the temptation to overbid is higher.
- Take enough certified checks to cover 10% of your max bids. Remember in SC you have I think 20 days to pay off the balances.
- If you’re willing to partner with someone, consider it.
- If you have time to be an observer for an auction or two, I recommend it.
Patrick from Lancaster PA, “I’m looking at a house that seems like a good deal, but it has fire damage and some water damage from where they put out the fire. It was mostly confined to the kitchen. What are your suggestions?”
- You need a fire restoration specialist. Look for them online. You want someone who is certified by one of the major groups, if possible. You really only want these people for an inspection and a repair recommendation. You’re not going to like their quote on the repairs, but get one out of respect for their time.
- IICRC That’s the Institute of Inspection, Cleaning and Restoration Certification. IICRC.org
- International Restoration Institute, iriedu.com
- American Council for Accredited Certification Acac.com The Council-certified Fire and Smoke Damage Technician (CFST) and the Council-certified Fire and Smoke Damage Consultant (CFSC) conduct investigations to assess property-related fire and smoke damage.
- Make sure any agreement you sign with them spells out clearly their responsibilities and warranties, if any. You want the option to call them back if it’s not done correctly. Run the agreement by your legal department (legalshield) before you sign anything.
- If there is ANY chance that roof framing members or load bearing wall members have been compromised, have the damage inspected by a licensed structural engineer who will sign off on his or her recommendations and keep in mind they will need to re-inspect before you cover up the work with finished walls.
- This is going to cost you some money up front and you should do it during the due diligence period to make sure you are going to remain in budget.
- Keep in mind that the fire and water damage restoration people you are going to find are used to providing repairs for insurance companies to pay. Their estimating software kicks out the highest repairs costs imaginable. You can throw a rock and find a reputable contractor who will do the required work for much less.