Way back in the early 2000s or late 1998 due to the ripple effects caused by the subprime mortgage crisis and overall economic meltdown, most of the properties in the real estate market were in distress. As such, between the period 2008 and 2011, approximately 1/3rd of all home sales could be categorized as distressed properties.
In this article, let us go through few tips on how you can get the best deal even when a property is in distress. Know about how sensible a move it is to hire the services of a professional dealing with such properties. So, read on for better insight.
Tips on getting the best deal on distressed property
To get the best deal, take into account these factors, which are mentioned in the points below, assuming that the property is in pre-foreclosure. Any distressed property will usually fall into 3 categories, namely,
- Foreclosed homes
- Short sales
- REO property
Contacting the owner
You can do this by contacting the owner directly, or you can seek the assistance of a real estate agent that helps in getting the best bargain in Pennsylvania. For instance, you will find many such advertisements offline and online quoting stuff like “sell my house fast in Pittsburgh-PA.” Consider these properties in distress, and it is quite likely that you might get good deals for such properties.
Buying the property as “as-is.”
Remember, the majority of the distressed properties you come across will have to be bought based on “as-is.” It means that you will have to get what you see. However, it is not a compulsion to buy a distressed property in a distressed locality. Remember, you have various other options as well and do not settle for the one that you come across for the first time.
Buying a distressed property is different from buying a distressed property in a distressed locality.
Just because you are opting for a foreclosed or any of the above category properties does not mean that you are not entitled to enjoy the privileges that apply to prospective buyers that buy an undisputed property. And this holds true when it comes to home inspection too.
Hire the services of a home inspector and get the exterior and the interiors of the house inspected thoroughly.
If you are satisfied with the outcome of the inspection, you can quote a price after finding the market value and how much this particular property is supposed to fetch since it is in distress. This is not just the only property that you have to settle for. So, you can always shop around for other properties too.
Remember, investing in real estate is often an investment of a lifetime. So, weigh the pros and cons of any property and then settle for one that is best suited, taking into account your budget and the condition of the property you intend to buy.
The main procedure followed for mortgage foreclosure is judicial, and the individuals are expected to adhere to the regulations in accordance.