Banks Hiring Realtors to Rehabilitate Foreclosed Homes

July 22nd, 2009 | Tags: Foreclosed Homes

foreclosure-rise

The markets are being flooded with a rush of foreclosed houses. Banks are hiring realtors to make them habitable before attempting to market the units. In most of the cases the evicted families vent their rage on the houses before going. Everything that can be, is ripped out.

In Las Vegas the median price of residential home continues to be $140,000. Foreclosed homes are forcing down the price of all other properties.

Realtor Justin Fairbanks has been focusing on cleaning up the mess left behind in foreclosed houses. He is employed with Platinum Real Estate Professionals – a firm that specializes in foreclosed home repair. So far the worst one he has experienced is a house on Turquoise Road. It took three days of cleaning before his team could spy the floor of the rooms. A continues stream of trash bags had to be filled. Fairbanks said, “We are seeing some extreme cases right now where people are going in stripping fixtures, stripping lights, taking everything under the sun and leaving them in bad shape for us.” Fairbanks lists the house at $50,000 after calculating the excessive amount of work that had been put in. It covers 2,087 square feet having four bedrooms. There is absolutely nothing left of the kitchen – no counters or anything. The light fixtures too have been scooped out.

The neighbours of foreclosed houses are caught in the crossfire between the borrowers and lenders. One of them is Vivian Vranesh. She is suffering the blight of the foreclosed house next to hers but she sympathizes with the evictees. She said that it broke her heart to see the family with a little child being forced to leave their home. Fairbanks too sympathizes with the foreclosed victims. The entire neighbourhood suffers. He explained, “Everybody that lives here has to look at it. They have to drive by it. A property like this where there was junk, feces, trash everywhere becomes a health hazard.”

The potential buyers ignore the battered homes and move on to houses in better condition. Richard Zwiercan is an interested purchaser. He said, “Saturday we looked at 17 homes. Of the 17, three of them were in decent shape that we were willing to put bids on.” Fairbanks is working hard to make the foreclosed houses presentable and acceptable. Sale of houses is the only answer to the raging housing problem.