Friday, March 26, 2010

Win/Win Situation for Fixer Properties in the San Fernando Valley

The credit crunch has made fixing and upgrading a home difficult in the San Fernando Valley - especially for equity sellers.  A few years back, asking the bank for a $100,000 loan was easy. Most people simply used the money to make some home repairs and upgrades, but in reality most used the money to take vacations and purchase expensive personal items.

Today, walking into the local bank to ask for money to fix your property for resale may be difficult if not impossible to get.  Banks have been cutting lines of credit without notice for the past few years leaving some home-owners with unfinished construction projects around the home.  The amount of time and paperwork needed for a loan can be exhausting and tedious.

A solution is to pair up with a local contractor who will agree to do the work and get paid after escrow is closes.  This is a win/win situation for the contractor and for the home-seller.

Homes which haven't been updated for years can benefit the most from this collaboration.  Contractors will only work with home-owners who have substantial equity and not with sellers who are upside-down on their home (short sellers).

 The first step is to speak with a San Fernando Valley real estate estate agent (that's me!).  I'll stop by the home and give you an idea on what improvements and upgrades you should do now to get the most return on your investment.  In most cases, you will make more money.  I know what buyers are looking for in a home.

If you own a home in the valley, visit this link for a real estate market analysis of your home.  Here is the link: .  Be sure to pass on this link to family and friends.  The information is accurate and updated daily.

Thanks for reading!
Richard Johnston, RE/MAX

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