What Are The Pros And Cons Of Buying A Distressed Property In Springfield MO?

Short Sales, Foreclosures, REO's oh my! You may be wondering if it's a good idea to buy these properties and if you can get a good deal?  The short answer is "maybe". You do have to be realistic; you won't get a home for 1/2 price in our market. Sorry, it ain't gonna happen. However, there are some great deals out there and interest rates are still low.

Short sales: the key thing to keep in mind with short sales is patience. They can take many months to close and it can be challenging to get answers from all the parties involved. You can get a good deal but you need to be careful. Many of these homes have been neglected and may be in poor condition. A home inspection is highly recommended.
 
Foreclosures: in the case of a foreclosure (REO), the bank owns the property and they want to get it off their books. These properties are deeply discounted so don't make the mistake of thinking you can go in and get it for half price. It ain't gonna happen. The condition will vary greatly from excellent to awful. Of course a home inspection is critical. If you are willing to make some repairs and aren't too picky this can be a good option.
 
Tip: don't skip looking at non-distressed homes! There are many fine homes on the market. Most of them are fairly priced and are generally in move-in condition. No mater which direction you go, it's important to sit down with a good REALTOR® and weigh out all your options.