Even though the real estate market has mostly compensated for the downturn of 2009, there continue to be opportunities to purchase properties in foreclosure or short sale status. Navigating the process behind the purchase of a distressed property needs to be handled by a real estate professional that knows what to look out for. As Buyer Specialists for the Rachel Kendall Team, here is our advice:
Don’t overpay – Multiple offers are common in distressed sales, and knowing what the comps are for the area is critical.
Getting a loan – Many lenders won’t lend on a property if it’s missing items that make it ‘livable’, such as HVAC. Having access to a strong lender team with experience in these types of loans is a must.
Finding those hidden problems – Rarely will banks pay for any repairs, and often these homes have sat vacant which only compounds issues. Having a clear picture of what you are facing is what we provide – including outstanding liens attached to the property.
Foreclosures and Short Sales can be a good way to get a home at a reduced price, and using a great agent is the right way to make sure that happens. Most agents have limited or no experience with distressed listings and the process is NOT traditional. We are trained and experienced and will provide you with the knowledge and resources to help you in this very specific type of transaction.