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When we got the call from the REO department of a major US bank to market a large Single Family Home we had no idea that the property was vandalized by the previous owners which made this a Million Dollar Los Gatos Fixer Upper REO!! The previous owner had removed:
1) Plumbing Fixtures
2) Carpeting in Living Room, Bedrooms
3) Kitchen Cabinet Doors
4) Interior Bedroom and Closet Doors
5) Light Fixtures
6) AC Compressor Unit
8) Door Bell Chime
The Los Gatos Fixer Upper also needed major landscaping work. After we secured the property we completed a Broker Price Opinion (BPO) and make recommendation to the bank that it probably is a wise move to repair this home before putting it back on the market since the Repaired Sale Value would be above $1.2M where the As-Is Home value was not more than $800,000! So, we got to work and got estimates for the above items to be repaired and replaced. The total cost of Repair added up to around $75,000 which is a huge budget for a bank to approve.
But the Asset Manager at this bank was not only able to approve the $75,000 repair budget, but she was also able to allocated $1,200 per month for Home Staging the property which is shown in the photos above. Needless to say the result was a multiple offers over asking and the property sold for $1,2M dollars after the remodeling and staging. In fact the project was so successful that it was featured on Wallstreet Journal article on Million Dollar Fixer Uppers that were being marketed in select markets around the US.
Are you interested in getting into Million Dollar Fixer Uppers!? Let us know.
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This is the epitome of property management in Colorado.