Buying a Lake Hills Reserve Home can be a tricky process as the market has changed in the rolling hills of this desirable community. The real estate sales are no longer dominated by the distressed properties but now standard sales are equally represented.
Standard sales are listings in which the homeowner has equity in the property. They are not upside down and they do not owe more than the property is worth. Therefore they can (and often do) command top dollars for their homes. It is not unusual to find this type of property generating multiple offers if it is well-priced and well maintained.
Investor flips are another type of standard sale which may cause a more cumbersome loan process for the buyer. It is important to identify this type of transaction early as FHA loan may require two appraisals, and have different requirements. An investor flip occurs when a property has been purchased at auction by an investor with the intent to resale it for a profit. These homes are improved, minimally with paint and carpet, and re-listed.
When buying a Lake Hills Reserve Home buyer's will run into short sale transactions, which may sometimes result in a great deal. However it is a longer process as the Lender's must issue an approval. When viewing short sale transactions I first recommend approved short sales, the short sale process has been initiated and the Lender has issued an approved purchase price. My second choice would be short sales with only one lender. It is important to have both agents, the buyer's and the seller's, be experienced with short sale transactions in order to set the correct expectations and keep the transaction on track.
Bank owned properties are available when buying a Lake Hills Reserve home. Just like a standard sale if it is well-priced expect multiple offers. Unlike a standard sale when you will negotiate with a homeowner seller in this type of transaction your agent is negotiating with a bank negotiator. It is a transaction based on numbers and net profit.
Now is a great time for those interested in buying a Lake Hills Reserve home. With a strategy in place you may purchase the home of your dreams in a masterplanned mountaintop community. Contact me if you would like a free consultation.