Welcome to the ViewAndSearch.com Blog

2011-04-22 16:02:03
Rehabbed REOs Sell Faster, Study Finds

Banks who spend the extra cash to rehab a foreclosed or REO property stand to sell the property much faster than a non-rehabbed REO, according to a new study by Field Asset Services Inc., a property preservation and REO asset management company.

For the last two years, the company has analyzed the number of days on market for remodeled foreclosure or REO properties versus those that are not remodeled.

In reviewing 17,252 properties across 13 states, researchers found that the average days on the market for REO properties that were not rehabbed was 222.8 days. On the other hand, properties that were rehabbed sold, on average, in 69.8 days.

'When a home looks better, it sells faster,' Javier Zuluaga, director of sales and marketing for Home Repairs and Remodeling (HR&R) LLC in Tempe, Ariz., told Inman News.

However, the rapid number of foreclosures may be making it difficult for banks to keep up with the pace to do fix ups, which once were more prevalent, says Zuluaga. “Sometime around 2009, the banks simply said, 'We are not going to put all this money into it. We are just going to get the properties cleaned up and if it is missing cabinets, it is missing cabinets--that's just the way it is.''

But Dale McPherson, president of Field Asset Services, says that based on the study results banks might want to reconsider. “In a market such as Phoenix, where there is an immense amount of foreclosed homes, you might see five or six REO properties on the same street,” McPherson says. “If you want to compete, you need to have the best-looking house on the block.'

Source: “Rehabbed REOs Spend Less Time on Market,” Inman News (April 22, 2011)

Provided by,

Doug Spiers / Associate Broker / Global Choice Real Estate / 801-7267173

 
Blog Archive
2016-05-12 10:27:02
Where is Housing Headed for the Rest of 2016?

2016-05-11 07:31:59
Something home sellers need to consider

2016-05-10 16:44:34
Mortgage Rates Remain at Historic Lows

2016-05-09 14:08:28
4 Reasons to Move Up to Your Dream Home This Sprin

2016-05-06 07:23:41
Best Long-Term Investment

2016-02-02 16:49:28
No Matter Which Groundhog You Listen To...

2016-01-29 14:35:49
Existing Home Sales Bounce Back

2015-12-09 08:46:15
Real Estate News You Need to Know Wed. 12/9/15

2015-12-03 08:11:23
2016 Home Prices and Rates?

2015-10-16 10:43:16
2016 Home Prices?

2015-10-15 12:27:38
Rental Repairs?

2015-10-15 12:24:39
Millennials?

2015-10-13 07:15:49
New Home Sales Surge

2015-10-07 10:35:23
30-Year Fixed Mortgage Rates Fall to 5-Month Low;

2015-07-29 07:20:05
What you need to know today.

2015-07-22 13:45:39
Rates Today July 22,2015

2015-01-08 07:32:51
Mortgage Rates Hit 19-Month Low

2014-12-24 10:04:16
30-Year Fixed Mortgage Rate Up From 19-Month Low;

2014-09-02 18:21:41
30-Year Fixed Mortgage Rates Drop

2014-08-31 08:55:58
Housing Market Looking Up

2014-08-22 21:25:38
US housing recovery appears to be back on track

2014-07-08 08:16:44
4 in 10 US households use cellphones only

2014-06-30 12:51:26
Pending Home Sales Surge 6.1%

2014-04-29 18:07:58
Pending Home Sales 4/28/14

2013-11-14 12:56:43
30-year-mortgage rate rises to 4.35%

Click here to see ALL articles.


Comment on this Article

Your Name:
Your Email:
Comments:
Verify:  Please enter the numbers shown to help eliminate spam.