How do you find the best deals on homes for sale in Geist? The ones where they are actually on Geist Reservoir or at least have dock access? There aren't usually a lot of those choices, but I found seven today when I searched for homes on Geist Reservoir that are distressed. By distressed, I mean either bankowned or listed as a short sale.
If a home is bankowned, you as the buyer are only dealing with the bank and usually those banks don't want to carry homes as part of their business model. However, it is also important to note that they usually are priced to sell.
A home that is for sale as a short sale is a little muddier. It means that the seller is involved in the transaction and often, we see more than one bank involved. The seller at some point took out a 2nd mortgage. You need an experienced REALTOR in short sales to handle those types of transactions. And while I would love to tell you I am your gal, I am not. But, I do have someone on my team that is CDPE certified and over half of her business is in distressed properties, she is your Geist Realtor!
Things to keep in mind on a distressed property are
- The home is likely to be in disrepair; before they stopped paying their mortgage they stopped maintaining their home
- The transaction is likely to involve a lot of paperwork that favors the bank; just the way it rolls.
- It is likely that any repairs that need to be done will not be able to be negotiated; so WYSIWYG (what you see if what you get). If there is a major repair and the bank/seller will not repair; you can get your earnest money back in almost every case.
It is hard to search for a distressed property with waterfront access on the internet; if this is something you are interested in be sure to let me know. I can set up a search for you that will automatically email you new listings that meet that criteria.