Pros and Cons of Buying a Distressed Property
Prospective home buyers are always looking for a bargain price but, typically, when a property can be snapped up for a low price there’s a reason.
Most often, a house with a drastically reduced price will be on the market as a short sale because the owners are hoping to avoid a foreclosure or because the property has already undergone foreclosure.
Understand what you are buying…
While the price may be enticing, it’s important to understand what you are buying. First and foremost, a foreclosure or a short sale will nearly always be sold “as-is,” meaning that the owners, whether they are a bank or the residents, won’t be fixing anything before the sale.
Advantages of Buying a Distressed Property
The main reason to buy a distressed property is the price. In most cases, a foreclosure or short sale will be priced below market value because the sellers are in a hurry to complete a sale and because they don’t want to spend the money to repair a property in order to bring a higher price.
To read the entire article please click on the below link:
GLVAR deems information reliable but not guaranteed.
© 2018 of the Greater Las Vegas Association of REALTORS® MLS. All rights reserved.
GLVAR DMCA Notice