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Banks hoping to increase sales with foreclosure improvements Atlanta, GA

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Banks hoping to increase sales with foreclosure improvements

Foreclosue Sign on Top of For Sale Sign in Front of House

Many banks are beginning to make changes to the appearance of their foreclosed homes in an attempt to boost sales. Making aesthetic improvements to a home has been a selling strategy for real estate agents for decades. Now banks are beginning to heed that advice in order to sell their record numbers of foreclosed properties.

Real estate agents say that foreclosure sales were once few and far between. However, the number of foreclosures has greatly increased during the past 10 years, making the foreclosure market much more competitive.

Now, banks in Georgia and throughout the country say that they are spending an average of $3,000 per home in order to entice consumers to purchase their foreclosures. Common fixes include replacing windows, refinishing floors, repairing or replacing roofs, painting the walls and installing new carpeting.

Some believe that banks’ foreclosure improvement strategies are beneficial to homebuyers as well as the overall real estate market. Potential homeowners may have an easier time receiving loans for the improved properties than they would for a home that had been deemed inhabitable. Although foreclosures still sell for less than privately owned properties, they will bring more money to the real estate market if they have been slightly improved.

However, the increased competition in the market could make it more difficult for traditional home sellers to receive an offer. Homeowners may have to further adjust selling prices in order to remain competitive with updated foreclosures.

Regardless, economists and housing market analysts are optimistic about the shift, stating that banks’ foreclosure updates will increase sales and move the influx of foreclosed homes that is currently clogging the real estate market.

Source: Chicago Tribune, “Banks sprucing up foreclosures to boost sales“, Mary Ellen Podmolik, 13 March 2011

Posted on behalf of Gingold & Gingold

1718 Peachtree St NW, #385
Atlanta, GA 30309

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They did an excellent job with my case. Jamie took the time to really listen and understand things. She delved into the details and was extremely knowledgeable and non judgmental. Very professional and they know what they are doing. Would definitely recommend!

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Mr. Gingold was recommended by an attorney I had worked with previously. I met with Ira Gingold to discuss credit issues. He went over each specific issue thoroughly. He advised me of the potential outcomes. He did all this in one meeting for a very reasonable price. When we finished I was confident in moving forward with a resolution. He definitely wants to help people take the appropriate course of action for their circumstance.

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I thought the process of filing bankruptcy was going to be a difficult one. However, Gingold & Gingold treated me with respect and dignity from the moment I walked through their door. I had the pleasure of working with Jamie. She is very responsive, professional, and knowledgeable. She took the time and listened to my every concern and handled each and every one of them to my satisfaction. My experience with filing bankruptcy under Gingold & Gingold's representation exceeded my expectations in a major way. They gave me such a peace of mind. I am very pleased with my decision of going with Gingold & Gingold to represent me when I filed Chapter 13 bankruptcy.

Julie T.

Wow! I am finally out of debt and can say that I am debt free after completing my chapter 7 bankruptcy case with Gingold and Gingold. Mr dangled was very knowledgeable and direct with regard to my debt situation. there were no surprises and the case went as I was advised. The staff was also very helpful whenever I had a question. I will definitely recommend them in the future to my friends.

Sherard W.

I cannot say enough about this law firm. From the initial consultation to our discharge, the entire office kept me updated with every step of the entire process. I came to the Gingold after a bad experience with another law firm. Ira and Jamie immediately began treating me like family through this experience. In the end, they assisted with eliminating many debts including my 2nd mortgage. I cannot say enough about the experience and knowledge that Ira brought to the table from the office visits to the court time. Thank you very much for helping me through this tough time. Thank you.

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