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Buying an Older Resale Home can save you money

Homes for sale in Riverside County:

Everyone wants a deal in todays Market.....everyone wants to know they waited just long enough, but not too long to get the best deal possible. Well, here is a home that just came on the Market, an older resale....listed for way less than the previous owner bought it for. It is an REO....the Bank owns it now, but why would this house save you money?

Brand new homes do not necessarily mean the best construction....many just look nice. Moreno Valley had several instances of Homeowners suing Builders for everything from drainage problems, to window alignment. Also in a new Housing Tract you have years to wait for the landscaping to mature, you don't know who your neighbors will be, and everyones house looks alike....

Oh, and let's not forget the FEES

Homeowners Association. Yes, there are good things to having one, but you do pay for it.

Mello Roos.....who is paying for that nice Park, the bridge, whatever....You are, and your neighbors.

Landscaping.....that could be another fee in the Landscaping District of the City....fees charged to new developments to pay for the bushes, and trees along the street.

In order to buy one of these REO (Bank Owned) Homes the Bank usually has certain criteria that must be met. At the very least You will probably be asked by your Agent to be Pre-Approved for a loan, show proof of funds, and have a good FICO Score. These things will need to accompany your Offer to Purchase......

You can find a good deal, and you can upgrade an older home later, but for now....for now take advantage of the lower Interest Rates. For now, save money by buying a home that doesn't have any extra fees, for now why not buy that Home that you have been waiting for.........while it is still Affordable.

By: Kathy McGraw- CELLing Realty in Riverside County

Posted by Kathy McGraw ~ Calif Broker on 01/15/2008 11:36 AM

Comments (12)

homes for sale riverside county california, riverside county homes for sale, reo homes for sale, celling realty, kathy mcgraw

This post has been included in California Information Riverside County, CA Information

12 Comments on Buying an Older Resale Home can save you money

Kathy, this is a nice home. The pool looks very nice...in Fort Worth most REO properties have a pool with green or black water..

This home hasn't been neglected. It would be a perfect home for a family.

01/15/2008 11:50 AM

by Linda Scanlan ~Selling All of North Texas (Hall Team Homes)

Resale homes are a great opportunity to make a home your own. A corner, cul-de-sac lot? You can't get better than that!

01/15/2008 11:55 AM

by Ginger Wilcox, Marin County Realtor (Pacific Union, Marin Real Estate)

Linda- Yes, This Home would be perfect for the right family....and it is so much cheaper now than the last owners bought it for....

Ginger- Yes, and it even has Mountain Views....you can sit in the one room and see the snow-capped mountains ....how good is that?

01/15/2008 12:02 PM

by Kathy McGraw ~ Calif Broker (CELLing Realty)

kathy,

If you hear it once you hear it 1000 times....I want a deal...

I too belive that a resale can make the best sense....REO's and the like all have issues and time lags.

01/15/2008 12:07 PM

by Dan Brudnok - ePRO, ABR, CSP - Chester County, PA Real Estate Pro (Keller Williams - Exton - PA License Number #RS225179L )

Nice...This is the REO you were telling me about the other day? I'm not active right now but I've emailed this to the other agents in the office.

01/15/2008 12:40 PM

by Lynnette Phillips - Loan Officer/Realtor Consultant-Home Pride Mtg (Home Pride Mortgage, Inc.)

Kathy- I enjoy living in an area with no HOA! Wellington is known for its beauty and clean yards, etc. The city is quite vigilant at keeping it that way so we don't need an HOA. I don't know why we even have gated communities here. Katerina

01/15/2008 12:45 PM

by Nestor & Katerina Gasset, Realtors® Wellington Florida Luxury Homes (International Properties and Investments, Inc.)

Dan- Yes, people do want a deal. It is human nature.....and I know this particular home is a great deal, for a qualified buyer.

Katerina-NO HOA....sounds great to me. Not all cities are the same unfortunately, so I can understand having HOA's.....but they do add to the Homeowners monthly expenses. Your city sounds like a nice place to live.

Lynnette-Yes, this is the one I was telling you about....It's right off Wilson and Dorothy Anna......a nice big home......:) thanks for passing the info on.....I hope you are feeling better......

01/15/2008 12:45 PM

by Kathy McGraw ~ Calif Broker (CELLing Realty)

I live in an HOA and hey...I like it. It gives for a great community where people aren't painting their house hot orange. (except on Halloween :) This home looks neat and taken care of. Good luck and happy selling!

01/15/2008 04:56 PM

by Celeste "SALLY" Cheeseman (RA), HAWAII Real Estate & HAWAII Relocation (Century 21 Liberty Homes -Mililani, Hawaii)

Sally- HOA's have their benefits for sure.....but for a young family that wants a big house, in an established neighborhood, and doesn't want to pay extra fees every month.....you can't beat this.

01/15/2008 05:17 PM

by Kathy McGraw ~ Calif Broker (CELLing Realty)

Great advice Kathy. There certainly is nothing wrong with buying an older house. And you are correct, new houses certainly have their share of problems, I can testify to that.

01/15/2008 08:22 PM

by Joseph Lang - Southern California Home Inspector (Pillar To Post Professional Home Inspection)

Joseph, And yes....people can save money on fees...but they really should have the home inspection to make sure they know what they are buying, and if the REO is really worth it to them.

01/15/2008 08:38 PM

by Kathy McGraw ~ Calif Broker (CELLing Realty)

This would have been a great home for when Larry and I first got married. He and I could have done all the work improving it. Sometimes this is the way to go!

Cheri

01/16/2008 12:38 AM

by Sun Lakes Realty, Inc.

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