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While the country is witnessing an increase in the numbers of home sales, it is important to note that many of these sales involve distressed properties. A large number of foreclosures sale and short sales account for the total number of nationwide sales.
The main reason that these properties are finding favor with buyers is the cheap prices they normally end up being sold at. The savings that are there for the making is prompting many buyers to pay some attention to these properties.
Foreclosed properties can be bought at public auctions; and for properties that do not sell at auctions, through banks/lenders.
Buying a distressed property at an auction requires buyers to pay for the deal through certified funds, thereby reducing the competition. However, since buying at an auction can be risky; this stage should ideally be left to the professionals.
Buying a distressed property from a bank is often considered to be a safe option. This is because banks generally clear all the arrears (such as unpaid taxes, secondary liens, etc) linked to a property post foreclosure. Also, since banks have to spend a considerable amount of money in maintaining these properties, they are often in a hurry to sell them.
A short sale occurs before foreclosure proceedings are complete. Here, the home owner chooses to sell the home in conjunction with the lender, for a price that is lesser than what is owed on the mortgage, where the lender agrees to write off the remaining amount.
While distressed properties are known to offer some very good deals, you must also maintain some caution in buying these properties. Make sure that the inspection of these properties guides you in your decision making process.
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