Banks Turn to Showhomes Home Staging Franchise to Help Sell Chicago Foreclosures
Foreclosed homes may be an opportunity for buyers and investors, but for banks, they are a mess with no end in sight. Foreclosures cost money to maintain, create insurance problems, invite vandalism and devalue neighboring homes. Home staging company, Showhomes of Naperville, has been providing banks in the Chicago area with a tidy solution to foreclosures and vacant properties. Showhomes places a live-in home stager, called a Home Manager, who occupies the home and keeps it in show condition until it sells.
“Once a home is foreclosed, banks want it off the books as soon as possible, but too often just the opposite happens,” said Matt Kelton, Showhomes COO. “So many distressed properties, especially the high-end houses, sit empty and deteriorate quickly. They don’t stand out and they attract low-ball offers that lower property values.”
Showhomes of Naperville is working with bankers and asset managers to help them preserve foreclosed listings, minimize costs, reduce insurance exposure and sell homes for higher prices. The service is attractive because Showhomes picks up utility bills, handles minor maintenance and takes care of cleaning. Best of all, banks don’t pay don’t pay monthly staging fees, making it an inexpensive staging option for banks handling foreclosed homes.
“We got our start 25 years ago helping banks stage foreclosed homes and today, our service is just as valuable,” said Kelton. “Nationally, banks can save millions by using Showhomes. It’s a no-brainer for any sized bank.”
Although the number of Chicago foreclosures is gradually decreasing, it continues to pose an issue in the housing market. According to numbers released by the Illinois Foreclosure Listing Service, in December of 2011, the new foreclosure filings in Cook County increased by 14.32% while in the rest of Chicago land the number of new filings have dropped on average by 11%. In DuPage County, new foreclosure filings also saw increase of 9.86%. In Chicago, the number of properties sold at foreclosure auctions in December have increased by 13.14%, a total of 3,048, compared to November of 2011 and by 81.00% compared to December 2010.