Hey Massachusetts, Do You Know What A Zombie House Is?
Zombie House...sounds scary, right? Like, did somebody die in the house? We all know zombies aren't real, so...what the hell is a "zombie house"? Oh, they're a real thing, so let's consult realtor guru Corey Bishop from Bishop West Real Estate!
WHAT IS A ZOMBIE HOUSE?
A Zombie House is typically a house that has either been foreclosed on or the lender has begun the foreclosure process making the owner move out to enable the sale of the property but then canceled the foreclosure process...so it's typically a vacant property of sorts that's been sitting around for a long period of time. That's where the title "Zombie House" came from.
DOES A ZOMBIE HOUSE NEED A TON OF WORK?
Not necessarily, it could be a house that was in not that bad of shape when the owners left it. A lot of times in these foreclosure situations or when the owner is losing the house, it's usually in disrepair or they have left it as is full of stuff...there could be a myriad of different things that go on with that, but typically you would assume that a zombie house is gonna need a substantial amount of work.
WHAT IS THE BENEFIT OF BUYING A ZOMBIE HOUSE?
If you're gonna buy something that is in need of repair and is valued much lower, if you get in there and put some sweat equity into it, do some hard work, you could probably reap some benefits on that. It's similar to flipping a house. Or you can buy it and keep it and you then you have a substantial amount of equity.
Abandoned homes not only look bad but can be dangerous. They can attract squatters, and/or wild animals, plus black mold is always a possibility.
Corey Bishop and Peter West from Bishop West Real Estate join Slater and Marjo once a month to talk about real estate.