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| Image courtesy of Stuart Miles at FreeDigitalPhotos.net |
When you’re looking for a new home you might consider buying
short-sales and foreclosures. The
process for buying these houses is a little different than the usual process,
but your realtor can help you navigate the twists and turns. Here’s some information to help you understand these topics.
Short Sales
A short sale happens when the seller and the involved lien
holders are willing to sell a property for less than is owed on the property.
In other words, the amount received from the sale will fall short of covering
the debts owed to the lien holders. This may happen if the property value has
declined or if the seller has fallen on hard times financially.
If you’re wanting a speedy transaction, a short sale may not
be for you. Your qualified College Station realtor can negotiate the price of
the property with the seller, but all price changes are subject to approval
from what could be multiple lien holders.
Purchasing a short sale will be easier if you’re the only
buyer. With multiple buyers involved the process can be even slower. See if
your realtor can negotiate with the seller’s agent to ensure that your offer is
the only one they will be considering. With that out of the way, the process
may move slightly faster.
Foreclosures
A foreclosure means that a homeowner defaulted on their loan
and now a bank owns the property outright. Often, these properties may need
some TLC. Foreclosures often have some
overdue home repairs that the previous owners could not afford to make. If you
can afford to make these repairs and you have the time to do so, you can
consider buying a foreclosure.
One benefit that short sales and foreclosures have is that
they tend to be priced lower than similar houses in the area. You could end up
getting a very good deal. However, you
need to look at what you’re paying for before you make a decision. Getting a
home inspection will help you decide if you can afford to do all of the
maintenance the house may need after prolonged neglect. Not all foreclosures or
short sales are in poor condition, but it is something to be prepared for.
In the case of a short sale and a foreclosure, it’s
important to have a realtor help you navigate the buying process. Negotiating
with banks can be a daunting process if you’re trying to do it alone. Hire an experienced realtor to help you so
that you can be sure you get the best possible deal and that you’re aware of
all of the possible problems.
While the prices of short sales and foreclosures are
tempting, they aren’t for everyone. They’re time-consuming
and there are likely costs to repair the property. If this bothers you,
consider a traditional sale. You can still get a good deal when dealing with a
homeowner that isn’t in financial trouble. What’s even better is that those
properties are more likely to be well cared for.
Featured Homes for Sale in College Station, TX
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