If you want to buy a new home you have a lot to consider, such as the size of the home, the area it is located, the size of the property, and more. Before you start looking, you should understand there are many different types of properties you can choose from to help you save money on your new home, two of which are listed below.
Repossessed Homes
In some cases, a person is not able to make their mortgage payments on time and if they get too far behind the bank will give them a foreclosure. This means they have a certain amount of time to move out and then the bank owns the home. The bank then puts the home on the market as a repossessed home, which is generally substantially lower than the market value of the home.
It will take you time to find a repossessed home that is right for you but if you are not in a hurry to buy a new home the wait will be well worth it. Talk to your real estate agent and ask them to keep an eye out for these homes for you. There are also real estate agents that specialize in foreclosed homes. You can also search for them on your own by looking in the local newspaper, as well as online.
Distressed Homes
A distressed home is a home that is worth less than the amount of money that is owed on the mortgage. The owner of the home is either not willing to pay the mortgage or is unable to pay it. Just as in repossessed homes, distressed homes are sold at below market value so you can save a lot of money. In most cases, you will find that these homes will have some repairs that have to be made. This is important as some of these repairs may be substantial, but there are homes that only require small repairs.
In many cases, when you go to this type of home the windows are boarded up so it will be dark inside. For this reason, bring along a bright flashlight with you as you will need to look over everything, such as the flooring, walls, ceiling, bathroom, etc.
Talk to your real estate agent at Buddy Blake Real Estate about this information and they can help you find the perfect home. They can also answer any questions you may have about these types of properties.
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