May 15, 2013
In the kind of home buyer’s we’re seeing on the Wake County real estate market, it’s understandable that potential buyers would want to capitalize on the climate by trying to get the best deal possible.
To that end, I’m going to tell you today one of the best way to find a good deal on the local housing market!
Wake County, NC Homes for Sale
For those home buyers who are willing to detour from the normal path to home ownership, you may want to consider checking out a foreclosed or short sale property.
While these types of properties have gotten a bad reputation over the years, it’s entirely possible to find a near immaculate home for sale at short sale or foreclosure prices!
First, let’s start with the basics: What is the difference between a short sale and a foreclosed property?
A short sale occurs when the home seller owes more on the property than it’s worth.
These are sometimes referred to as “preforeclosure properties.”
To prevent further loss, a mortgage lender may accept a short sale instead of take the property through the foreclosure process.
The current owner will generally vacate the property when he or she signs a short-sale agreement.
Generally speaking, short sale properties tend to be in better condition than foreclosed properties.
Meanwhile, a foreclosure is a property that the bank now owns because the home owner fell behind on payments.
These properties are often winterized in order to lower the risk of damage to the property. For instance, the plumbing may have been drained and the hot water turned off.
Usually these homes are sold “as is,” which may be acceptable to you if you’re willing to put some work into fixing it up.
There’s also a third option on the local housing market that may result in a steal of a deal for buyers like you: real estate auctions.
This is a great deal to get a fabulous bargain on a property but buyers should be aware, this kind of process is not for novice investors or risk averts.
Your Wake County, NC Real Estate Experts
As the old saying goes, the greater the risk, the greater the reward.
And while the process of buying a foreclosed, short sale or auction property is usually longer and – admittedly – more tedious than a traditional home transaction, the pay off can be huge for home buyers.
We’ll be happy to answer any questions you may have as well as guide you through the home-buying process.
Until next time,