comparables: 5 Common Mistakes to Avoid When Buying a Home Foreclosure
- 04/06/11 12:55 AM
If my recent article about the three types of home foreclosures piqued your interest in making such a purchase, read on to learn a few of the common mistakes to avoid when you're ready to make an offer. 1. Don't get caught up in a bidding frenzy. Banks may “under price” their offering, hoping to generate multiple bids and sell quickly. Don't get overexcited - there's another foreclosure to bid on tomorrow! 2. Don't underestimate your repair costs. Carefully read the inspection report, and factor in an additional 10-20 percent of the purchase price for unexpected repairs. 3. Don't ignore the … (7 comments)
comparables: Harder than it Looks – Understanding the Appraisal Process
- 01/19/10 04:59 AM
With markets so rapidly changing, it’s easy to imagine how property appraisers might sit in a darkened room, waving their hands over a crystal ball, and producing the mysterious and all-powerful document of a home’s value. Team Morgan, your Miami-based Coldwell Banker realtors, would like to dispel the notion of magical figures and urge you to look more carefully at the process. When comparing against similar properties, it’s not just the final price that counts. Appraisers also factor in any “incentives” offered, such as sellers who pay closing costs or remodeling allowances. Perhaps the most important factor that lenders … (0 comments)
If my recent article about the three types of home foreclosures piqued your interest in making such a purchase, read on to learn a few of the common mistakes to avoid when you're ready to make an offer. 1. Don't get caught up in a bidding frenzy. Banks may “under price” their offering, hoping to generate multiple bids and sell quickly. Don't get overexcited - there's another foreclosure to bid on tomorrow! 2. Don't underestimate your repair costs. Carefully read the inspection report, and factor in an additional 10-20 percent of the purchase price for unexpected repairs. 3. Don't ignore the … (7 comments)
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