What Buyers Should Know About Distressed Properties

Many buyers today are looking  for a home to "steal" in today's housing market.  They hope to take advantage of the many short sale and bank owned properties out there at such attractive prices.  It makes sense….why pay market price when there is so much out there on sale.  However, many buyers do not have a clear picture about what is going on with a lot of the short-sale and bank owned houses -especially the first time home buyer.

Short-sale and bank owned homes are considered “distressed” properties, and they are exactly that.  Their current or past owners can’t afford to live in the home.  Not only do they fall behind or fail to make payments, they fall behind and fail to maintain the home.  Home maintenance is often the first thing that goes south when a homeowner is in financial trouble.  Repairs aren’t made, yards not kept, updates are not done, roofs start leaking, etc….  Eventually the home owner is in a short-sale situation, or worse, foreclosed on.

Many of today’s buyers walk into these houses and are surprised by the poor condition.  In most cases the house has been vacant for sometime without power. Many buyers don’t realize that a homeowner in distress leaves the house distressed.  This does not mean that these houses are not good deals.  Paying a purchase price below market value gives you some room to work with financially.  Be aware that there will more than likely be at least some cosmetic work (paint, carpet) that will need to be done to get the home into move-in condition.  You can look at it as an opportunity to put your own personal touch on the home right away. Make sure that you have “out of pocket money” readily available for repairs and updating when purchasing short sale or bank owned homes.  These deals all go down as “as is” transactions.  Banks normally will not work with you on repairs.

If you are looking to find a great deal on a short sale or foreclosure in Tallahassee check out our web page.  If you're interested in buying a short sale or bank owned property in Tallahassee, call today.

Damian Costantino
(850) 386-2001

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