As an investment and community revitalization company, Wedgewood buys hundreds of foreclosed homes each month at auctions and from the Federal government. Often we have limited knowledge about the condition of the properties we buy, taking the homes as is and assuming all the risks and responsibility.
When you buy homes sight unseen, you don’t know what nightmares lurk behind that door. It is not uncommon for abandoned and foreclosed homes to have overgrown yards, plumbing stripped away, missing cabinets, walls covered in graffiti, or transients, drug users or local gangs taking up residence. In circumstances like these, it is the local neighborhood that suffers the consequences of blight.
The extent of blight can be shocking. It is not an easy business or for the faint of heart. It requires plenty of patience and vision to see beyond the shattered home. This is where Wedgewood’s expertise in fixing up homes and reselling them makes a difference. The work we do stabilizes neighborhoods and stems the decline of housing values.
Upon taking title, Wedgewood’s team of property managers gets to work. First, we clean up the property. Rather than throwing out everything left in a vacated home, our property teams make an effort to salvage anything that may be useful to someone else. Working with various philanthropic organizations and agencies, Wedgewood donates any abandoned furniture, appliances and other household items to people who need them.
Once the home is cleaned, Wedgewood brings in a team to assess, repair and rehabilitate the home. Getting these homes refurbished and back on the market quickly is important for our communities and the economy. Wedgewood can turn an eye sore into a beautiful home in just a matter of weeks and offer an opportunity for a family to own a home – often times their first.
The process and transition from homeownership to foreclosure and back to homeownership is different for everyone, but one thing is certain – the longer banks hold on to these homes, the longer it will take for our economy to strengthen. By getting these homes quickly back on the market, property values increase, the negative debt held by our community banks lessens, the density of foreclosed home decreases, and blighted magnets for crime disappear.
As the housing market continues to rebound and the foreclosure pipeline improves, investment companies like Wedgewood will continue to play a pivotal role in improving the economic housing market and financial stability of local communities that depend on the property tax revenue to provide vital city and county services.
Before and After: Exterior
Before and After: Kitchen