Short Sales and Estates
Is it worth it to buy a short sale? Can an estate be a way to get a deal on your next home?
Estates are another way to go that can be a great situation to save some money on your home purchase. Generally, estates are being sold by the heirs and many times the homes are out-dated and therefore if they are in good shape but just need some paint, carpet, fixtures or a bathroom/kitchen remodel, that is a great situation to gain equity immediately in the home. If your agent can advise you on getting a seller assist, you can bring less money to the table at closing and then use that money to put into the house. Another thing to think about these homes is that the relatives a lot of times just want to unload them and not worry about the time/effort of carrying the home w/ the maintenance, bill paying and costs of heating etc. Also, many times these homes are paid off and they are just going to be profiting no matter what they sell them for....so it seems like for these reasons these homes are sold for less than they could be and the minute you put some love into these homes the value goes right up!
Make use of your buyer agent and make sure you are asking who owns the home, what they know about the situation and if they can advise you on seller assist. (Seller assist is dependent upon the loan they are electing and a savvy realtor can let you know very easily how much assist you can look to get in the deal.) In an upcoming mini-blog, I will talk about seller assist! Take care and happy short sale and estate shopping!
Kathleen Lomonaco, Realtor, SFR, ABR, RN, BSN