With numerous houses under foreclosure and on the short sale listing, there can never be a better time for cracking the best deal in property sale. However, the discounted value of the short sale houses is not sweet always. The reality is these houses are often available with numerous costly problems which readily make the price of the house less appealing. If you are searching for foreclosed or short sale properties or homes of St James or other place, here are some things that you must keep in mind.
Remember about Home Inspection
You should keep some time to inspect the new property. You must also make an estimation of the repair cost. Also, note if there is any issue such as cracks, lopsided windows or sloping doors in the property. In case you find some special problems like termites in the property, then you might have to take the help of a professional to fix the issues. When you are conscious about the estimate and problems, you can surely bring down the price of the property to a considerable extent.
Beware of the Property Issues
A vacant foreclosure property often suffers from problems since it remains neglected for months and years. There can be dirt and dust, molds, termites and leaks in the property. There can also be serious problems like damaged roofs, broken pump and outdated wallpapers. The worst situation can arise if the house owner has not taken proper care of his property. All these issues can convert a good property deal into a nightmare. Therefore, you must be in the lookout for issues that might have damaged the house.
Examine the Insurance and Legal Matters Carefully
Banks never sale a home as it is without any kind of disclosure. That is why, it is suggested that you must do some additional research. You should verify the area where the property is located, speak to the neighbors to gather some information on it and consult the insurance companies to know about its policy. Before you make a deal with the property, it is better to consult the local planning departments as well. They can give advice regarding future plans if you have any. Conduct some research so that you do not run into surprises afterwards.
Dedicate Sufficient Time for Closing
Short sales and foreclosed houses cannot always be purchased within a short time. Rather, their closing process requires a longer time than regular homes. This happens because seller’s lender needs to receive approval for price and the banks also takes time in responding. That implies that you will need much longer time in selling your property to the highest bidder. Moreover, short sale properties usually have certain legal problems related to liens or insurance.
Though purchasing short sale properties might be a wonderful option for you, yet it is essential that you proceed with care. With involvement of so many previous owners, big banks and shady homes, properties and homes of St James and its surrounding areas can be a little pricier. Patience and research can lead to a perfect deal.