Buying A Distressed Property Near End of the Year

By
Real Estate Agent with Solid Source Realty

Buying A Distressed Property Near the End of The Year

The flood of property foreclosures in the U.S. housing market provides opportunities for investors and prospective homeowners. As home prices continue to rise, homebuyers seek more economical choices for the home they want. Purchasing a distressed property may well be an ideal option, especially if you buy towards the year’s end.

 It’s always a great risk to buy a home. The risk becomes even more considerable if homebuyers decide to purchase a distressed property even at the end of the year. Here are some pointers to consider:

  1. Be prepared to spend on necessary repairs. What you see is what you get when it comes to distressed properties. Do not expect to get discounts on materials and labor you need in fixing up the property you bought.
  2. Get a mortgage preapproval. If you are keen on purchasing a distressed home, you must have a talk with your bank first. The property you want may be so damaged that lenders may decline to finance it. You may have to spend from your own pocket and just take out another loan to help with the costs.
  3. Do not choose a distressed property in an already distressed area. This would significantly lower your chances of selling the property if you decide to move out. You should consider your safety as well.

 Buying a distressed property can save you a lot of money. Just consider the area and the repairs that come with your purchase. It is always better to be prudent than spend more than necessary over time

Cliff, www.stonemountaingeorgiahomes.com, 678-405-6050

 

Posted by

Cliff J , Real Estate Agent in Stone Mountain Georgia, Certified First Time Home Buyer

www.stonemountaingeorgiahomes.com  

(678)495-6050

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Rainmaker
1,107,037
Sam Shueh
(408) 425-1601 - San Jose, CA
mba, cdpe, reopro, pe

They start showing up locally again. Most I have helped the new lender determining the valuation.  All  listed homes one needs to pay a fee to be the highest and best offer often over the going price price for.  Right now few are taking the baits. You buy the home paying a commission and occupants inside are your problem.

Dec 01, 2019 09:01 AM #1
Rainmaker
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John Pusa
Berkshire Hathaway Home Services Crest - Glendale, CA
Your All Time Realtor With Exceptional Service

Cliff Johnson very good report about buying a distressed property near end of the year.

Dec 01, 2019 09:18 AM #2
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Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
The right Charlotte REALTOR!

There's a lot to consider when buying a distressed property at the end of the year. Thanks Cliff!

Dec 01, 2019 02:58 PM #3
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Cliff Johnson

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