{"id":1195,"date":"2015-10-15T15:08:53","date_gmt":"2015-10-15T15:08:53","guid":{"rendered":"http:\/\/thehoneybeehomes.com\/home\/?p=1195"},"modified":"2015-10-22T19:31:32","modified_gmt":"2015-10-22T19:31:32","slug":"how-to-estimate-repairs-on-bank-owned-homes-for-sale-in-grand-rapids","status":"publish","type":"post","link":"https:\/\/thehoneybeehomes.com\/home\/how-to-estimate-repairs-on-bank-owned-homes-for-sale-in-grand-rapids\/","title":{"rendered":"How to Estimate Repairs on Bank Owned Homes for Sale in Grand Rapids"},"content":{"rendered":"<p><a href=\"http:\/\/thehoneybeehomes.com\/home\/wp-content\/uploads\/2015\/10\/bank-sunrise.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-1198\" src=\"http:\/\/thehoneybeehomes.com\/home\/wp-content\/uploads\/2015\/10\/bank-sunrise-300x200.jpg\" alt=\"Bank\" width=\"300\" height=\"200\" srcset=\"https:\/\/thehoneybeehomes.com\/home\/wp-content\/uploads\/2015\/10\/bank-sunrise-300x200.jpg 300w, https:\/\/thehoneybeehomes.com\/home\/wp-content\/uploads\/2015\/10\/bank-sunrise-1024x683.jpg 1024w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a>Bank owned homes for sale in Grand Rapids can be a great opportunity to get an excellent\u00a0deal on a house. \u00a0However, they often come with additional challenges.<\/p>\n<p>Many of these houses are in rougher shape, and access can be limited. \u00a0How can you successfully estimate your repair costs on a house like this? \u00a0Fixer-upper houses can be great, but you don&#8217;t want to find yourself with a money-pit you can&#8217;t escape. \u00a0Here are a few tips to help you nail your costs.<\/p>\n<p><strong>1. \u00a0Establish Times to Visit<\/strong><\/p>\n<p>Bank owned homes for sale typically offer limited access times. \u00a0You won&#8217;t be able to get inside them as easily as you can with homes listed on the MLS, so be ready to dig!<!--more--><\/p>\n<p>Banks have different rules for their properties. \u00a0They will likely have a lock box on the property, and they may be willing to share the access code\u00a0with you. \u00a0Alternatively, you may need to work with a realtor, or a bank-appointed agent. \u00a0This can take some time, and can get\u00a0frustrating. \u00a0However, if you get a house at 50% off, it is\u00a0well worth it. \u00a0So stay in contact\u00a0with the bank, follow the bread crumbs, and get as much access as you can.<\/p>\n<p>In some cases, you may not be able to get inside the home. \u00a0If you can&#8217;t properly check out the inside,\u00a0exercise caution with your offers. \u00a0Without being able to check for things like HVAC and foundation costs, you might get\u00a0into trouble if you don&#8217;t have a large cash reserve.<\/p>\n<p><strong><a href=\"http:\/\/thehoneybeehomes.com\/home\/wp-content\/uploads\/2015\/10\/wood-architect-table-work-1.jpeg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-medium wp-image-1200\" src=\"http:\/\/thehoneybeehomes.com\/home\/wp-content\/uploads\/2015\/10\/wood-architect-table-work-1-300x225.jpeg\" alt=\"Tools\" width=\"300\" height=\"225\" srcset=\"https:\/\/thehoneybeehomes.com\/home\/wp-content\/uploads\/2015\/10\/wood-architect-table-work-1-300x225.jpeg 300w, https:\/\/thehoneybeehomes.com\/home\/wp-content\/uploads\/2015\/10\/wood-architect-table-work-1-1024x768.jpeg 1024w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a>2. Take maximum advantage of your visit to the house.<\/strong><\/p>\n<p>Since you will have limited access to the home, come prepared. \u00a0The most efficient method is to bring an inspector and contractor with you. \u00a0While they may not be able to do a multi-hour inspection, they can point out major areas of concern.<\/p>\n<p>If this isn&#8217;t possible, do what you can on your own. \u00a0Bring a checklist of repair items, and take extensive notes. \u00a0Take as many pictures as you can, and make sure to heavily document any rough areas.<\/p>\n<p>Too many people make the mistake of the &#8216;quick walk through&#8217; with a property. \u00a0Bank owned homes for sale require a very solid bid number, and the due diligence period doesn&#8217;t allow for as much back-and-forth in regards to repairs. \u00a0Getting good information from your walk through is crucial!<\/p>\n<p><strong>3. \u00a0Analyze your information.<\/strong><\/p>\n<p>This step is very dependent on your knowledge of home repairs. \u00a0If you are very repair-savvy, this phase\u00a0will be easier. \u00a0However, if you aren&#8217;t as confident in how much various fixes\u00a0cost, it&#8217;s time to do your homework.<\/p>\n<p><a href=\"http:\/\/thehoneybeehomes.com\/home\/wp-content\/uploads\/2015\/10\/Analyze.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-1197\" src=\"http:\/\/thehoneybeehomes.com\/home\/wp-content\/uploads\/2015\/10\/Analyze-300x214.jpg\" alt=\"Analyze\" width=\"300\" height=\"214\" srcset=\"https:\/\/thehoneybeehomes.com\/home\/wp-content\/uploads\/2015\/10\/Analyze-300x214.jpg 300w, https:\/\/thehoneybeehomes.com\/home\/wp-content\/uploads\/2015\/10\/Analyze-1024x731.jpg 1024w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a>Your best, and most efficient, resource will be other professionals. \u00a0Contact a \u00a0reputable contractor, and see if they are willing to estimate repair costs with you. \u00a0Be prepared to pay them for this work. \u00a0This is their job, and their time and expertise are valuable!<\/p>\n<p>You can also use some quality resources online to help your effort. \u00a0<a href=\"http:\/\/www.homeadvisor.com\/cost\/\" target=\"_blank\">HomeAdvisor<\/a>, <a href=\"http:\/\/www.houselogic.com\/home-advice\/repair-tips\/home-repair-costs\/\" target=\"_blank\">HouseLogic<\/a>, and <a href=\"http:\/\/www.homewyse.com\/services\/\" target=\"_blank\">HomeWyse<\/a>\u00a0can all get you pointed in the right direction, although be aware that these are more general resources. \u00a0In addition, if you can purchase many excellent books, such as J Scott&#8217;s <a href=\"http:\/\/www.amazon.com\/Book-Estimating-Rehab-Costs-BiggerPockets\/dp\/0988973715\" target=\"_blank\">Book on Estimating Rehab Costs<\/a>. \u00a0These will give you a\u00a0good idea of your repairs\u00a0based on your quality walk-through.<\/p>\n<p><strong>4. \u00a0Be conservative in your estimates.<\/strong><\/p>\n<p>Unless you&#8217;re looking at a best case scenario, where you had an inspector and contractor walk through a property and provide cost estimates, you will be making some educated guesses. \u00a0As a result, be conservative in your estimates.<\/p>\n<p><a href=\"http:\/\/thehoneybeehomes.com\/home\/wp-content\/uploads\/2015\/10\/numbers-money-calculating-calculation.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-medium wp-image-1199\" src=\"http:\/\/thehoneybeehomes.com\/home\/wp-content\/uploads\/2015\/10\/numbers-money-calculating-calculation-300x199.jpg\" alt=\"Money\" width=\"300\" height=\"199\" srcset=\"https:\/\/thehoneybeehomes.com\/home\/wp-content\/uploads\/2015\/10\/numbers-money-calculating-calculation-300x199.jpg 300w, https:\/\/thehoneybeehomes.com\/home\/wp-content\/uploads\/2015\/10\/numbers-money-calculating-calculation-1024x678.jpg 1024w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a>Assume that you have missed a few costs, or that your repairs will run higher than you expected. \u00a0First of all, this creates a margin of safety for you. \u00a0Second, if you under-estimate your costs, you are in for a world of stress. \u00a0Avoid this stress whenever possible!<\/p>\n<p>It&#8217;s much better to guess high on repair costs and be pleasantly surprised when you come in under-budget. \u00a0Bank owned houses for sale often have hidden surprises once you start working. \u00a0Be ready for that, and you can snag yourself a great deal!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bank owned homes for sale in Grand Rapids can be a great opportunity to get an excellent\u00a0deal on a house. \u00a0However, they often come with additional challenges. Many of these houses are in rougher shape, and access can be limited. \u00a0How can you successfully estimate your repair costs on a house like this? \u00a0Fixer-upper houses <a href=\"https:\/\/thehoneybeehomes.com\/home\/how-to-estimate-repairs-on-bank-owned-homes-for-sale-in-grand-rapids\/\" class=\"read-more inline\">Read More<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[17,16],"tags":[46],"class_list":["post-1195","post","type-post","status-publish","format-standard","hentry","category-grand-rapids-mi-homes-for-sale","category-grand-rapids-mi-real-estate","tag-bank-owned-homes-for-sale"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.1.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>How to Estimate Repairs on Bank Owned Homes for Sale in Grand Rapids | Honeybee Homes, LLC | We Buy and Sell Grand Rapids Real Estate<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/thehoneybeehomes.com\/home\/how-to-estimate-repairs-on-bank-owned-homes-for-sale-in-grand-rapids\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How to Estimate Repairs on Bank Owned Homes for Sale in Grand Rapids | Honeybee Homes, LLC | We Buy and Sell Grand Rapids Real Estate\" \/>\n<meta property=\"og:description\" content=\"Bank owned homes for sale in Grand Rapids can be a great opportunity to get an excellent\u00a0deal on a house. \u00a0However, they often come with additional challenges. Many of these houses are in rougher shape, and access can be limited. \u00a0How can you successfully estimate your repair costs on a house like this? \u00a0Fixer-upper houses Read More\" \/>\n<meta property=\"og:url\" content=\"https:\/\/thehoneybeehomes.com\/home\/how-to-estimate-repairs-on-bank-owned-homes-for-sale-in-grand-rapids\/\" \/>\n<meta property=\"og:site_name\" content=\"Honeybee Homes, LLC | We Buy and Sell Grand Rapids Real Estate\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/HoneybeeHomes\" \/>\n<meta property=\"article:published_time\" content=\"2015-10-15T15:08:53+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2015-10-22T19:31:32+00:00\" \/>\n<meta property=\"og:image\" content=\"http:\/\/thehoneybeehomes.com\/home\/wp-content\/uploads\/2015\/10\/bank-sunrise-300x200.jpg\" \/>\n<meta name=\"author\" content=\"thehoneybeehomes\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta 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