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A Buyer's Guide to the Right "Type" of Purchase
First-time home-buyers are just that, first time buyers.  Because of that, there can be an assumption that they are not sophisticated enough to purchase anything other than fair market property, but is that true?  I try to make sure my first-timers have as much information about fair market, foreclosure and short sale properties as possible to make a well informed property decision.  Actually, I use the same information for all buyers.  I try to keep it simple, and it looks something like this:
 
Fair Market Sales
Typically the easiest to find, finance and close Not always the easiest to negotiate Can tend to be overpriced, but not always.  Can be negotiated with many sellers Most Realtors are well versed in the fair market process Properties are often not vacant Owner impact on the property will be more obvious Owner may be willing to make repairs Owner may be willing to add closing costs  
Foreclosures
Easy to find in today's market Financing may be hindered by property condition - may require a renovation loan May be damaged by previous owner - or may need more repairs due to previous owner's inability to keep the property up during their financial struggle ... more

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