Showing 1 - 6 of 34 blog posts
I’ve had several inquiries from readers asking what the difference between a traditional resale, short sale and foreclosure was. There are only a few minor differences between them, but these differences could drastically alter the scenario, whether you’re a home buyer or seller.
Planning properly for the specific property type and scenario can expedite the process and avoid costly delays.
I attended the Greenbuild International Conference and Expo last week at McCormick Place West. There were an astounding number of information, demonstrations and seminars that took place.
I will be following up with many of them and will provide information on new technology and best practices for continued sustainability of your home. I think many would be very surprised on the materials and cost for some things. Looking forward to it!
When a buyer purchases an REO property (based on the terms of their contract), they are afforded time for due diligence. The purchaser would be allowed to perform inspections on the property and discover any potential issues that may affect the transaction.
However, depending on the terms, and if the property has been repossessed by the bank, sometimes there are no disclosures provided. This leaves more responsibility for buyers during the discovery process. How can you protect yourself?
Many major lenders are freezing foreclosures. Current sellers may benefit in the short-term from fewer foreclosures on the market, which account for large percentage of transactions currently. RealtyTrac estimates that distressed sales account for a third of the residential real estate market, and depressing home prices by about 26%.
Interesting things are happening. Buyers are overwhelmed by the large inventory of motivated sellers, short sales and REO properties. In some cases, buyers are purchasing at a large discount of what neighbors have paid a few years ago. However, there are some additional costs to consider that may be overlooked when buyers get too wrapped up in just the purchase price alone.
Consider these additional costs which could affect your overall purchasing strength.
With the substantial inventory of REO properties on the market, many purchasers have the opportunity to purchase well below market. However, with properties empty for periods of time sometimes homes fall into disrepair, or fall victim to theft or vandalism. Either of these could be determined during the initial viewing, home inspection or even the final walk through.