Have heard that there are great deals in real estate right now? There are, but we need to be careful about where we find them.
Foreclosures can be priced somewhat below the market but they are often houses that have been abused by the former owners. If you consider that many of these houses were occupied by people who were in a very depressed state for a long period of time, you can imagine that the house was not cared for well and may in fact have suffered deliberate abuses such as removing plumbing or rendering the drainage system inoperable. Banks also want to get the maximum amount possible from the sale as they have many expenses in addition to the amount owed on the mortgage. Another issue with foreclosures is that they can take a lot extra time to gain approval and this can be frustrating.
You may be hearing a lot about short sales too. These homes are not often a bargain either. A short sale means that the homeowner owes more than the house can sell for in today’s market. Not so long ago many buyer’s were borrowing 100% and adding on 6% for closing costs. This means they were almost upside down from day one. These sellers are now trying to get the lenders to accept less from them to avoid foreclosure. It can be a long drawn out process and you may not ever get approval.
The real way to get a deal in today’s market is working with a Buyer’s Broker who will find you the best fit for you and help you to buy it for the best price possible. It may be a foreclosure, short sale, or a regular run of the mill listing but your Buyer's Broker will help you to navigate through the process and achieve your goal.
There are options here in the Greater Hudson Valley of NY to meet everyone's needs. Working with an experienced buyer's agent can help you to choose what is best for you. If you are looking for a home in Orange, Ulster, or Sullivan County NY I would love to be your Buyer's Agent. If you are looking elsewhere I would love to find someone in your chosen location to help you. Give me a call or send an email today.
