Banks who spend the extra cash to rehab a foreclosed or REO property stand to sell the property much faster than a non-rehabbed REO, according to a new study by Field Asset Services Inc., a property preservation and REO asset management company.
For the last two years, the company has analyzed the number of days on market for remodeled foreclosure or REO properties versus those that are not remodeled.
In reviewing 17,252 properties across 13 states, researchers found that the average days on the market for REO properties that were not rehabbed was 222.8 days. On the other hand, properties that were rehabbed sold, on average, in 69.8 days.
So if you are wandering how you can sell your house faster, you know what to do. Make it look great, prepare to it so it appeals to a large audience. When people come look at your house, make them feel comfortable, remove all personal items (family photos etc.). Make sure the outside is clean, so they want to come inside the house. Clean windows, get new plants, fresh paint, clean carpet, or wood floor and show them you are ready to move out and not stay in.
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