While writing the article last week about distressed properties, I ran across information that was dear to my heart. What was it? A: The foreclosure notice for the previous home I lived in with my husband for over thirteen years.
When selling the home several years ago, agents commented on the profit I was to gain
since they could see the original price paid in 1993. What they didn’t know was that we
either hired someone or completed the work ourselves including bathroom and kitchen renovations, installation of central air, lots of painting, and resealing all of the hardwood floors. All total, the cost of the repairs and improvements were minimal compared to our attachment to the house. After all, ten years ago, I happily took a week off to replace drywall and re-paint a walk-in pantry that we had built years earlier.
Since we are still friends with our former neighbors, seeing our previous home well maintained over the past few years has been enjoyable. The new owners even mentioned how little maintenance they had incurred since moving in. What took me by surprise was the fact that this economy had affected a happy family that loved our previous home as much as we did. At this point, the news about the economy seems personal. What these new owners did not know was they should have sold the house before it had gone into foreclosure since the home has increased in value.
If you or someone you know is about to lose their home, please consult an attorney who can help you with this process. Who knows, it may save you lots of heartaches and money.
by Lore DeAstra, MBA, SRA, CDEI, ACB, CL
