Fully Upgraded Bathroom

Chasing #Foreclosures! The Fully Upgraded House! #foreclosure

It’s Foreclosure Saturday! We have a standing appointment every Saturday to meet with our Real Estate Broker and look at foreclosures. We believe the real estate market is poised to take off and we want to be on-board the rocket ship! Therefore, we are always looking. When you think of foreclosures, you probably think of properties in poor condition, and sometimes they are … In this case, we are viewing a 3 bedroom 3.5 bath townhouse that is in excellent condition, and it’s full of upgrades! When we entered the townhouse, the first thing we noticed was the stainless steel, double-oven stove!

The kitchen is full of upgrades such as stainless steel double-oven stove, stainless steel microwave, pergo floors, cherrywood cabinets, and backsplash.

One of the full bathrooms is also full of upgrades such as ceramic tile, cherrywood cabinet, shower faucets and fixtures, and a designer toilet seat cover.

The upper level of the townhouse has 3 bedrooms, and 2 full bathrooms. The paint and carpeting is in good condition. Both bathrooms are filled with upgrades!

This property was in such good condition that we made an offer on the same day. We typically offer 10% – 20% less than the asking price, however, we decided to offer $100 more than the asking price. By the next morning, we learned that there were 2 other offers. The selling foreclosure agency requires a “best and final offer round” when there are multiple offers. We had 24 hours to decide whether to make a higher offer. Even though we knew the asking price was about $20,000 less than the market value, we decided not to bid up the price. The last thing we wanted to do was get into a bidding war. As experienced real estate investors, we know there is always another real estate property … We have also learned that bidding up a foreclosure may result in the buyer not being able to get financing. We will keep an eye on the property, just in case it shows up on the market again!

To see more of our foreclosures, watch our Chasing Foreclosures playlist on YouTube!

Have you discovered any tips when bidding on foreclosures, particularly fixer uppers? If so, please share your tips:

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The opinions expressed herein are solely those of the Author/WebMaster. Before taking any action, please consult your real estate, financial, and legal advisors.


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