There are many great Triad area homes for sale. Click here to perform a full home search, or if you're thinking of selling you home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You may also call me at (336) 553-0796 for a FREE home buying or selling consultation to answer any of your real estate questions.
Let's say there's a foreclosed home in a $150,000 neighborhood that's selling for $130,000. The buyer typically assumes they are getting a discount, but that's not always the case. You have to be aware of all the variables of getting the house fixed up to the quality of the rest of the subdivision. Investors are great at this, but first-time and inexperienced home buyers often don't do the necessary homework to ensure they're not buying an overpriced home.
We often see buyers pick up that $130,000 house, put $15,000 into renovations, and a whole lot of sweat equity, only to gain around $5,000. When you break it down, it really wasn't worth the effort. But is it always a bad idea to buy a foreclosure?
We invite you to come sit down with us before buying a foreclosed property. We'll go through an itemized checklist to see what makes sense for you. We'll weigh the risks and rewards of the property in question so you can make the smart financial decision. A lot of time the savings just aren't there.
If you have questions about this topic, or would like us to answer a question of yours in a future video, we would love to hear from you! Shoot us a quick email or give us a call for the real estate assistance you deserve!
