Posted by DougH on January 27, 2010 at 03:15:35:
I am about to make an offer on a reo foreclosed in November. It is not yet on the MLS. I ran the comps from a selection of several very similar properties in the same general neighborhood. The house is not that old (about 10 years old) but the interior, while not trashed, is definitely showing signs of being "lived in". The exterior is in about the same shape. Nothing really damaged but showing weather wear and neglect. My question is, when the bank or bank rep does a BPO do they figure on just a light painting and clean the carpet or do they to figure a higher level of rehab such as new paint, better plumbing and light fixtures (even though the original fixtures are there) new base boards, door hardware, new AC vents, wall plates, etc?. The house needs about $20K of work to be show ready to a prospective family but someone could get by with a spruce up for much less. This my first deal (I plan to flip to an investor in a back to back closing)and I don't want to put in too low an offer.
Doug H
- Re: Arriving at a BPO Gary 23:03:00 02/27/10 (0)