Today's Idaho Home Buyers have a large inventory of new and used homes to choose from. One option many buyers are considering is ?distressed? property. Probably because they want to be one of those people that score a deal. The reality is that while there are deals out there, it is the exception to the rule, no the norm.
As the name suggests, 'Distressed Property' consists of properties brought to market due to the financial distress of the previous owner. Foreclosures and short sales, with their ultra-low prices, can seem like a great deal. However, price and value do not always equate, and these distressed properties can be distressing indeed! These home often hide behind quick cosmetic fixes but the home may have functional and structural issues. These fixes not only cost you month to month possibly buy also thousands to fix or safety issues.
Many Idaho Real Estate Agents won't even touch distressed property. They, for one, don't like to jump through all the hoops and frustration. Secondly, clients are consistently disappointed with the entire process. Offers are accepted and then rejected later or the rules change mid stream. Imagine the excitement of closing on a home that is a great deal to find that your offer, even though accepted, is no longer in play. Oh and by the way you are packed, ready to move, and you gave notice to your landlord?
Think about it this way: when you dream of owning your own home, do you dream about spending months dealing with contractors, who rip apart your walls in an effort to fix the house? Do you dream of living with tarps and dust? Are you longing to fill your time reviewing bids, contacting carpenters, and haggling out details with the workers who show up to the job? How about weeks without a kitchen as the antiquated plumbing is re-done? Cold showers, anyone?
Unlike a brand new home—which has been built to current code, with the most modern materials, and has no wear and tear—a distressed home may be twenty, forty or sixty years old, and showing its age. Electrical systems may be outdated, previous owners may have taken shortcuts on a remodel, the roof may need to be replaced, or the foundation may have cracks. Even if the home has been relatively well-maintained, there may be issues in the walls of which the owner was unaware, such as mold, rotting, or insect damage. Your term as the home’s owner may be plagued from beginning to end with repairs, expenses and frustration.
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