Over the last couple of years the popularity of buying a home with “instant equity” almost seems to have become expected. I believe I have showed and sold more bank-owned property and short-sale property than I have ‘normal’ non-distressed homes; even though there are many homes in today’s market priced extremely competitively.
Although buying a ‘deal of a home’ , especially at today’s record low rates, may seem like a no-brainer, it has occurred to me that I have needed to gently question some of my buyers to make sure they are buying the “right” house for them, not just the “best deal in town”.
If your wish list for your next home includes a garage, a yard large enough to fence your dog and your 4 children, and a downstairs Master Bedroom; then the bank owned home you just found online on .12 acres, no garage, and all the bedrooms up should not get you excited, even if it is priced $150,000 under it’s tax value!
I caution my buyer clients that they are making one of the single largest purchases in their life, it is an important one. They will move their family into this home and mostly likely stay for at least the next 5-10 years. Is it really a deal if you paid “$150,000 under value”, re-modeled and added a 2 car garage for $100,000, had to take the kids and dog to the park to stretch their legs, and you still don’t have a Master Bedroom downstairs?
I encourage you ‘deal seekers’ to not pass up the locally, privately owned homes that are loved by their owners in every way…you may just find your very own ‘best deal in town’!
Welcome Home, laura