Buying a property that is either a Short Sale or a Foreclosure can involve many details. Foreclosures are generally an easier process that a short sale but can often involve many requirements from the lender who is handling the sale. Homes that are foreclosures are usually sold as-is with the seller (lender) making no repairs. That does not mean that you are not entitled to make your own inspections and to make the purchase contingent on the inspection, the contract just has to be worded as such. I used to buy and sell foreclosures and distressed properties back in the late 80's. My advice is to make sure you do your homework on either a short sale or a foreclosure. Be sure to use an agent who is knowledgeable about the process and the many details that can be involved in dealing with bank owned property.
Costs associated with buying a foreclosed property are usually about the same as a regular purchase unless the bank's contract addendum makes demands that can cost you money. More often than not, a foreclosure has not been maintained very well (or at all) so the cost to make improvements or repairs should be calculated up front. The banks rarely negotiate any repairs (I have been able to work with Fannie Mae asset managers to help pay for some repairs). I can always help with setting a budget for repairs.
As a "client" buyer Deb and I represent your best interest at all times and work hard to get you the best price and terms. Our fee/commission is almost always paid by the seller. So you can have expert real estate advice at no cost you.
Each property is different, and depending on the situation, I go over all the options with buyers and offer a free visual pre-inspection based on my 35 years of construction & remodeling experience to help you as the buyer determine if a property needs a more detailed look. If you are out of town and need more photos of a property than is shown on the listing, I would be glad to take detailed photos and send them to you by email.
Unless the lender has already approved the short sale on a property it can take many months to close. Short sales are more suited to an investor who has the time and position to wait it out and go through the many turns and twists a short sale often takes to close.
Thanks for using our website and just give me or Deb a call to see if we can help. No pressure....just solid real estate advice you can count on.
Deb - (843) 986-7443
Russ - (843) 812-8862