The Experts In Real Estate And Mortgages

Foreclosures can be a pain in the butt to buy because in most cases, the property is in disrepair because:

A. The property has been empty for several months

B. The prior owner was not able to or decided not to due regular maintenance or repairs since he was about to be pushed out of his home for non payment of the mortgage

C. They usually are in rougher neighborhoods

D. Some foreclosed owners decide to take out their anger over losing there home on the property by punching holes in the walls, destroying appliances etc.

Short sales on the other hand seem to be just as well priced as foreclosures but:

1. the owner is still living in the property until sold therefore takes better care of the property

2. Even though they are losing the property they have more time to get it back up to the sale date Now don’t get me wrong because not all short sales are in great condition but the majority are.

Foreclosures are great IF you don’t mind a property that will most likely need some work and this can be worthwhile because the price will reflect that since a property in worse conditions takes longer to sell so the bank may be more willing to discount it even more than a short sale property.

I just had a client that wanted to buy a foreclosure so we looked at dozens until she realized that she was not going to get a bargain basement price on a perfect house that did not need work

. So, as long as your expectations are realistic one or both of these types of discounted properties could be for you depending on what is of most importance to you, price or condition.

Posted under Foreclosure & Mortgages & Real Estate |