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When a mortgage company became the owner of this house in Chesterfield County they had numerous options to consider. The house had been vacant and boarded for at least two years. Initially, the mortgage company faced a real loss. It was a challenging situation for both the mortgage company and for Steve O.

Together, the mortgage company and Steve O developed a plan to thoroughly analyze a number of options to determine the best course from a marketing perspective and from a "bottom-line" point of view.

The first thing after having the locks changed and yard mowed was to size up the condition of the house. A complete series of pictures was taken to photo-document the process. We developed an item-by-item list of repairs and improvements and invited 4 contractors to submit competitive bids. The contractors submitted bids on a line-item basis so that it was easy to compare one contractors bid against another and to help determine fair market pricing. After all the bids were received we put all the bids side by side on a spreadsheet.

At the same time we did a careful and factual market study to determine what the house would sell for "as-is" and what the house would sell for "as-repaired".

Through this process, it was determined that the bank would be better off to have the repairs done and sell the property for top retail price instead of selling "as-is". The bank would spend $ 12,000 but get $ 20,000 more for the house. This $ 8000 dollar difference turned the potential loss into a gain. We now had a well documented plan that made good marketing and fiscal sense.

A contractor was selected and the work took about three weeks. At the end, the house was in tip top condition. It sold quickly in the robust spring market and the bank got close to the asking price.

We all hear about win-win situations. This one was a win-win-win situation. By these efforts, a loss was turned around, the agent had a nice marketable house to sell, and the buyer got a home in great condition.