"AS IS" VS "PRETTY"

IT APPEARS TO ME THAT THERE ARE TWO TYPES OF HOMES FOR SALE. THERE ARE THOSE THAT ARE "AS IS" WHICH DESCRIBES MOST BANK FORECLOSED PROPERTIES, AND THEN THERE ARE THE PROPERTIES THAT HAS BEEN SPRUCED UP TO LOOK "PRETTY". THOSE "PRETTY" ONES ARE THE ONES THAT HAVE HAD THE GRASS CUT, CARPETS CLEANED, AND JUST A FEW LITTLE THINGS THAT CAN COST A FEW HUNDRED DOLLARS TO A FEW THOUSAND DOLLARS. I WORK WITH A SMALL BANK IN INDIANA, THAT KEEPS ME SUPPLIED WITH AN CONTINUOUS INVENTORY OF ABOUT 10 TO 12 LISTINGS ALL THE TIME. BEFORE THEY MET ME, THEIR PROPERTIES DID NOT SELL VERY QUICKLY. WHEN THEY GIVE ME A NEW LISTING, I GIVE THEM A LIST OF THINGS THAT NEED TO BE DONE. OUR MAINTENANCE PEOPLE GO IN FOR A WEEK OR SO AND MAKE IT READY. THIS PROCESS ALLOWS US TO KEEP THIS INVENTORY MOVING.

WE SEEM TO HAVE THREE BUYER TYPES IN INDY. THERE ARE THE WHOLESALERS, THE FLIPPERS, AND THE REGULAR BUYER. WE HAVE HAD ALL THREE TYPES BUY OUR INVENTORY. WE ARE ABLE TO GET MORE MONEY FROM THE "PRETTY" ONES. OUR RETURN IS HIGHER WITH A LITTLE INVESTED. WE ALL KNOW THAT THE FLIPPERS WILL BID LOW, BUT SOME BEGINNER FLIPPERS, CAN SEE WHAT THEY HAVE TO WORK WITH WHEN THEY HAVE BEEN SPRUCED UP AND WILL PAY MORE THAN A SEASONED FLIPPER AND OF COURSE, THEY APPEAL TO THE BUYER AS WELL. MINIMUM TLC DOES WONDERS.

THE FIRST THING WE DO IS CLEAN OUT THE DEBRIS, LOOK FOR ONGOING PROBLEMS, CUT THE GRASS, DRYWALL REPAIRS AND PAINT AS NEEDED. REPAIR OR REPLACE VINYL AND REMOVE OR CLEAN CARPETS. A CLEAN SUBFLOOR LOOKS BETTER THAN FILTHY CARPET. WE ARE ABLE TO MOVE THE MAJORITY OF THE INVENTORY AS IT COMES IN. OF COURSE WE STILL HAVE SOME" AS IS ONES", BECAUSE THE REPAIRS MAY NOT JUSTIFY THE FINAL PRICE, BUT WHEN THE POWERS THAT BE FINALLY REALIZE THEY ARE GOING TO TAKE A BATH ON ONE, THEY GET THE SOAP AND THROW IN THE TOWEL.

I ADMIT TO ENJOYING A LITTLE,"I TOLD YOU SO" ONCE IN A WHILE. THIS IS FUN AND I STILL GET PAID.