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Buyers: Looking for a great deal under $30,000?

By
Real Estate Agent with Greenridge Realty Oakmont

Many buyers search the internet with the intention of getting a fantastic deal under $30,000.  There are some great deals out there.  There are also a lot of homes in this price range that really need a bulldozer!

If you are seriously thinking of pursuing a home in this price range:

Number 1: You must be ready to buy the property when it comes on the market.  If you are a cash buyer, you will have an edge.  Many Michigan properties have defects (most common- damage due to freezing - broken pipes, damaged water heaters, broken well pumps, water tanks, etc.)

Many foreclosure sellers will not accept an offer that involves financing.  If you are financing, you must be pre-qualified by your lender, and have a letter that says so.  If you are paying cash, you need a letter from your bank or credit union stating that you have enough funds in your account to cover the offer.

2: You must have a Realtor working for you who is really committed to helping you find a home in this price range.  Many simply will not put a dilligent effort into finding these homes, as the seller commission to an agent could amount to less than $300.  Make sure that you sign a buyer agency agreement that gives your agent an agreed upon minimum commission, so they are working for You.  The best deals are literally gone within hours of listing, as investors have agents looking for these properties daily.

3: You must be ready to go see the property as soon as it is listed.  New HUD properties are listed every Friday in Michigan.

4: If you really want a property, make your best offer immediately.  You will not get a new listing for half of the listed price.

5: Request all information available on the property.  Your buyer's agent can give you the known tax information, existing well info, survey, plat maps, deed copy, aerial photo, etc. that can help you with your decision-making process.

6: If you are thinking of buying a property to rent, especially multi-family unit properties in a city with rental regulations - do your homework first!  For example, the city of Grand Rapids has many rules for landlords, and many fines if you do not comply.  Contact the city housing department in your area to access rental ordinances. 

7: When buying a property, check with the local government to see if there are any liens or special assessments from the city, township or county for fines, (common: trash in yard, unmowed lawn, failure to register vacant property) liens, (unpaid water/sewer bills, etc.), unpaid taxes.  These amounts can be substantial, and sometimes excluded in adendums from the seller that you must sign before the seller will accept your offer.

8: Be aware that when you make an offer, it is highly likely that a seller will require you to sign several pages of an addenum that may negate most of what is in your original offer, stating that the addendum supercedes the purchase agreement.  Know what you are signing! These addendums usually state that you are buying the property AS IS, and the seller is not responsible for anything.

For State of Michigan Landlord Tenant Guidelines & forms, (67 page pdf) click here: http://www.senate.michigan.gov/gop/publications/Tenants%20and%20Landlords.pdf

Caveat emptor "Let the buyer beware"

www.BigRapidsHomes.info

www.GreenridgeOakmontRealty.com

 

 

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