Skip to content

Posted over 14 years ago

23 offers from 1 Auction (open House)

Whoever said that the residential real estate market was in shambles was obviously not in Norwalk, CT the weekend of September 12-13th.

 

In today’s economic environment, most brokers and agents are having trouble connecting potential buyers and sellers. The old traditions of listing a house on the market and allowing buyers to come forward simply are not drawing enough attention from prospective buyers. In this economy, homebuyers are still out there, it is just difficult to tell what a good buy is and where to find it.

 

The owners of Cheaprehabs.com, a new real estate consortium based in Fairfield County, are doing things a bit differently than everyone around them, making life a little bit easier for prospective buyers.

 

“Our whole philosophy is that the market is out of touch,” said Cheaprehabs.com owner Enzennio Mallozzi. “So what we want to do is bring the best product to the market for the cheapest price and allow the homebuyer to choose their price.”

 

This may sound too good to be true, yet Mallozzi and his partners have found a way to provide the market with quality homes for cheap, getting prospective homebuyers the price they want, for a home they can move right into.

 

“We dropped the price down to the point where buyers understand that they can name their own price and that’s driving interest,” continued Mallozzi. “The old methods of marketing properties aren’t working so we have come up with something different. There are two years worth of inventory on the market and in the end the only things that are going to sell a house are quality and price and we offer just that.”

 

One might wonder how Cheaprehabs.com can offer such lucrative deals on quality homes. The answer is their revolutionary methods for drawing interest to properties.

 

Instead of simply placing a property on the market for the price they are looking for, Cheaprehabs.com offers an open house for a newly renovated, formerly foreclosed property that they bought and fixed up. After the open house, the property goes to auction, where it goes to the highest bidder.

 

The weekend of September 12-13 in Norwalk was the trial run for the new auction format, and it passed with flying colors. Both prospective buyers and brokers, who attended the open house, were impressed with the opening price and the quality of the home for sale.

 

“There’s an opportunity for sure,” said prospective buyer Andy Keller, a Norwalk resident. “I know the risks but it looked interesting and the good thing is that the house doesn’t need much work.”

 

The property, at 27 Olmstead drive, in East Norwalk, just .5 miles from I-95, drew over one hundred potential buyers on Saturday and Sunday, almost all of whom had never experienced this type of deal.

 

“I think it’s interesting and it provides a safer means for buyers to participate in foreclosures,” said Paul Louie, a broker for Prudential. “A lot of times the houses are in disrepair and from what I have seen after inspecting the property is that it looks pretty good.”

 

What makes cheaprehabs.com so enticing is that they offer foreclosed homes that sell for a fraction of their original value. However, sometimes the foreclosure market can be a tricky ordeal, as often the homes need thousands of dollars worth of repairs before being habitable.

 

This is where cheaprehabs.com come in. They oversee every aspect of the property’s development—from purchase through renovations, and all the way to sale. For the property at Olmstead Place, major repairs were undergone. All the appliances were switched out, the roof was repaired, and all the baths were renovated.

 

According to Jim Troy the owner/broker of Independent Realtors, their service is essential to allowing individual potential homebuyers access to the foreclosure market. Most of the foreclosed properties on the market today are in need of repair before an individual can move in. And if a property is inhabitable, according to Troy, obtaining a mortgage is impossible.

 

“Most banks cannot finance properties that are non-livable,” said Troy at the auction last week. “You can’t put a note on it if you cant live in it. So what you need is cash to do the repairs. And that’s where we come in.”

 

In the end, Cheaprehabs.com is finding a way to bring the market to the buyer at a time when both sides need help more than ever. Their ingenious approach to jumpstart the market and sell inventory that has piled up over the past two years is just what the doctor ordered. Their casual, non-stressful auction format is the first initiative to move away from defunct traditional practices and get the economy rolling again.

 

So check out Cheaprehabs.com because, hey, you never know what kind of deal you might find.

 

If you are currently renting, or are planning to rent…. Visit CheapRehabs.com to buy and own for less then what you pay in rent.


Comments (2)

  1. Not yet. As time goes on I would like to publish the system, I think its a great tool for anyone who wants to unload properties.


  2. Interesting concept, any plans for expanding into other areas?