It isn’t unusual for GreatWest GMAC Real Estate professionals to be approached by home buyers interested in procuring a “fixer-upper” home. Certainly in our current market with many bank-owned homes available, finding such a property shouldn’t be difficult.

However, there are certain things to be considered prior to purchasing that can help safeguard any investment of money, time and effort.

(1) As in all home purchases, it is all about location, location, and location. It is wise to talk with neighbors, who can provide a history of the neighborhood and any problems or nuisances, which may exist. Neighbors can also enlighten about amenities in the community, the weather in the area, school quality, etc. In addition to general neighborhood and community information, close neighbors of a property can often provide a good background on the specific property you are interested in. One GreatWest GMAC professional reminisced about one delightful property, which was a mere 5 doors from a Megan’s List offender. However, after speaking with a neighbor, the Buyer found that the “offender” was now on oxygen, in a wheel chair, and in his late 70s. This made a significant difference about what could have been a major factor in the decision making process.

(2) It is important to query your real estate professional about real estate value trends in the immediate area of the home. Consider asking your agent to provide a CMA of the property.

(3) Are jobs, employment and business, readily available, and growing in the community, or are they leaving the area?

(4) Once you have informed yourself about the location and history of the property, it is time to consider what inspections ought to be performed to satisfy any questions about structural condition of the home. Many real estate professionals suggest home buyers procure a termite and home inspection, as well as sometimes recommending having a roof inspection performed. There are other available inspections which may be considered. Since most bank-owned properties today are sold “as is” without any disclosure, it is vitally important to have inspections by qualified individuals to appraise you of any damage, and potential cost in repairs to bring the home up to standard.

If the thought of purchasing a “fixer-upper” home excites you because you can foresee the potential savings and opportunity in such an investment, please contact one of our experienced GreatWest GMAC Real Estate professionals to assist you in that purchase.

We look forward to hearing from you!


Written for GreatWest GMAC Real Estate
by: Myrl Jeffcoat