{"id":5199,"date":"2008-10-25T09:19:41","date_gmt":"2008-10-25T16:19:41","guid":{"rendered":"http:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/?p=5199"},"modified":"2008-10-25T09:19:56","modified_gmt":"2008-10-25T16:19:56","slug":"foreclosure-homes-are-sold-as-is-but-most-need-only-minor-restoration-to-bring-them-back-to-fully-livable-condition","status":"publish","type":"post","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/5199\/foreclosure-homes-are-sold-as-is-but-most-need-only-minor-restoration-to-bring-them-back-to-fully-livable-condition\/","title":{"rendered":"Foreclosure homes are sold “as-is” — but most need only minor restoration to bring them back to fully-livable condition"},"content":{"rendered":"

This is my column for this week from the Arizona Republic<\/i> (permanent link<\/a>).<\/p>\n

 
Foreclosure homes are sold “as-is” — but most need only minor restoration to bring them back to fully-livable condition<\/strong><\/p>\n

If we were to have a contest for the Valley’s most-gutted home, judging might take a while.<\/p>\n

A significant number of homes for sale in the Phoenix area, especially at the low end of the price spectrum, are in the foreclosure process. Not all of these homes are in rough shape, but a lot of them are. At a minimum, buyers of short-sale or lender-owned homes should anticipate painting the walls and replacing the carpets.<\/p>\n

But virtually all foreclosure homes will be sold “as-is.” This means, first, that any defects discovered in the inspection process will be the buyer’s responsibility to repair after close of escrow. But the “as-is” addendum also often implies that there may be serious deferred-maintenance issues.<\/p>\n

Still worse, many lender-owned homes will have been looted, either by the former owners on their way out or by burglars. Missing ranges, microwave ovens and dishwashers are common. Air-conditioner compressors and hot-water heaters are also absent from many homes. It is not uncommon to see that all of the ceiling fans or all of the knobs on drawers and cabinets have been removed.<\/p>\n

My pick for the most-gutted Valley home? The entire kitchen was gone — even the kitchen sink — and the air-handler had been removed from the attic.<\/p>\n

I would not want to refurbish that last home, since there is no telling what else has been taken. But for most lender-owned properties, the cost of bringing the home back to livable condition is fairly low.<\/p>\n

A new set of kitchen appliances is maybe $2,500. A brand new air-conditioner compressor is around $4,000. A decent water heater is perhaps $1,200 installed. Paint, carpet and tile in the high-traffic areas should run $5,000 for a typical suburban home, less if you do the work yourself.<\/p>\n

There definitely are homes to avoid in this market, but there are many, many others that are selling for very low prices. These properties need only very minor restoration efforts to bring Read more<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

This is my column for this week from the Arizona Republic (permanent link).  Foreclosure homes are sold “as-is” — but most need only minor restoration to bring them back to fully-livable condition If we were to have a contest for the Valley’s most-gutted home, judging might take a while. A significant number of homes for […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_crdt_document":"","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8,6,5],"tags":[],"class_list":{"0":"post-5199","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"hentry","6":"category-investment","7":"category-marketing","8":"category-real-estate","10":"no-featured-image"},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":9206,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/9206\/now-could-be-a-good-time-to-buy-a-top-notch-home\/","url_meta":{"origin":5199,"position":0},"title":"Now Could Be A Good Time To Buy A Top-Notch Home","author":"Doug Quance","date":"July 17, 2009","format":false,"excerpt":"Some Well-Maintained & Updated Homes Are Better Values Than Foreclosures When all of the comparable homes in an area are foreclosures and short sales, you could get a really good deal on the nicer, well-maintained and updated homes. A broker recently called me regarding one of her listings. It's a\u2026","rel":"","context":"In "Real Estate"","block_context":{"text":"Real Estate","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/real-estate\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":5778,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/5778\/the-bottom-of-the-phoenix-real-estate-market-may-be-in-sight-but-alas-the-end-is-not-near\/","url_meta":{"origin":5199,"position":1},"title":"The bottom of the Phoenix real estate market may be in sight — but, alas, the end is not near","author":"Greg Swann","date":"November 23, 2008","format":false,"excerpt":"This is my column for this week from the Arizona Republic (permanent link). \u00a0The bottom of the Phoenix real estate market may be in sight -- but, alas, the end is not near When will the Phoenix real estate market finally hit bottom? Believe it or not, I can answer\u2026","rel":"","context":"In "Investment"","block_context":{"text":"Investment","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/investment\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":680,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/680\/amazingly-low-foreclosure-rate-at-a-two-year-high\/","url_meta":{"origin":5199,"position":2},"title":"Amazingly low foreclosure rate at a two year high . . .","author":"Greg Swann","date":"November 25, 2006","format":false,"excerpt":"It's Saturday, the Arizona Republic's favorite day to piss on the real estate market. Today ace reporter Catherine Reagor informs us that foreclosures are up. \"By how much?\" you ask. You don't read the Republic much, do you? Instead of actual numbers we get all manner of obfuscation, scary anecdotes,\u2026","rel":"","context":"In "Marketing"","block_context":{"text":"Marketing","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/marketing\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":15092,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/15092\/mine-mine-mine-are-defaulting-homeowners-criminals-when-they-take-the-stove\/","url_meta":{"origin":5199,"position":3},"title":"Mine, Mine, Mine! Are Defaulting Homeowners Criminals When They Take the Stove?","author":"Tony Sena","date":"September 12, 2011","format":false,"excerpt":"How many of you have seen foreclosed homes damaged or stripped of wall lighting, appliances, even kitchen cabinets, countertops, and toilets? I\u2019ve even seen homes stripped of their copper wiring (I mean, really?!)\u00a0 Indeed, we\u2019ve probably all at least heard stories of homes being damaged as the occupants depart after\u2026","rel":"","context":"In "Real Estate"","block_context":{"text":"Real Estate","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/real-estate\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":100,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/100\/the-sky-is-always-falling-except-when-it-isnt\/","url_meta":{"origin":5199,"position":4},"title":"The sky is always falling — except when it isn’t…","author":"Greg Swann","date":"July 18, 2006","format":false,"excerpt":"Foreclosures are up in Arizona for the first six months of 2006, as compared with the last six months of 2005. The will be cause for sustained gloating at the Arizona Republic, so here is the real news, from the Business Journal of Phoenix, before it goes through the Spin\u2026","rel":"","context":"In "Real Estate"","block_context":{"text":"Real Estate","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/real-estate\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":6124,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/6124\/for-some-the-most-financially-astute-course-of-action-may-be-to-fake-their-way-to-foreclosure\/","url_meta":{"origin":5199,"position":5},"title":"For some, the most financially-astute course of action may be to fake their way to foreclosure","author":"Greg Swann","date":"December 13, 2008","format":false,"excerpt":"This is my column for this week from the Arizona Republic (permanent link). \u00a0For some, the most financially-astute course of action may be to fake their way to foreclosure Looking for some good news in the Phoenix residential real estate market? So is everyone else. New foreclosures are down, as\u2026","rel":"","context":"In "Marketing"","block_context":{"text":"Marketing","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/marketing\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/5199","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/comments?post=5199"}],"version-history":[{"count":1,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/5199\/revisions"}],"predecessor-version":[{"id":5200,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/5199\/revisions\/5200"}],"wp:attachment":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/media?parent=5199"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/categories?post=5199"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/tags?post=5199"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}