Everyone loves getting a good deal, especially when making a large purchase. Some people seem to have a knack for finding great deals, and that knack even extends to homes. If you’re looking to find a great deal on new homes for sale in Charles Cove, your only option might be to call us, but if you're looking for a resale there are 4 classic ways we find deals for clients (outside our trade secrets). We’ve put together a few tips that will help you get the most for your money. We’ve also outlined some things you need to keep in mind when you see a home that seems to be too good of a deal.
Look for Homes that Have Been on the Market for Several Months
Most sellers want to sell their properties quickly, especially if they have moved out of state or if they have purchased a new home and are currently paying two mortgages. If you see a home that has been on the market for more than a few months, the seller may be willing to negotiate. You may be able to purchase the home for a good amount under the list price.
Homes that sit on the market could signal a situation where the real estate agent and the homeowner aren't communicating about reality. Be ready to face some unrealistic expectations. However, if you do this sometimes you'll happen across a gem of a home that has a owner that simply doesn't need to sell at the moment for whatever reason. Whether it's because of relocation help or that they've paid off the home, oftne these sellers are happy to get rid of the home. As to why would they leave it on the market that long? It's usually the agent that recommends price reductions, but often we'll never know.
Do be aware, however, that sometimes these homes are still on the market for a reason outside of ignorance to market conditions. There could be structural work that needs to be done, the home could be in a bad location, or any other number of issues. Don’t automatically assume there’s something wrong with the property, of course, but do make certain your home inspector looks very closely at the house.
Check for Price Reductions
A good sign that a seller would like to sell their home quickly is when they reduce the list price, especially if the home has only been on the market for a few weeks. This is also a good sign that they haven’t received an offer and that they’re not completely set on receiving their asking price. Price reductions signal motivation on the side of the client and agent.
Consider Taking on a Fixer-Upper
When a property is listed for sale "as is", it means the seller will not do any repairs to the home regardless of what a home inspection uncovers. These properties often need a good amount of work, but the price generally reflects that. You can often purchase an as-is property for much less than what a similar move-in ready home is listed for.
However, it’s important to recognize the amount of work you’re taking on. You will still want to have a home inspection, so you know exactly what’s wrong with the property. You’ll also need to have money set aside for those repairs and renovations. In some cases, you'll have pay cash. If you’re prepared to take on a fixer-upper home, though, you can truly make it your own.
Look at Vacant Houses
Vacant homes can be a great source of real estate savings. Vacant homes aren't always homes that were inherited that the heirs have no interest in owning. Instead, vacant homes sometimes represent home sellers that needed to relocate or more commonly here in Florida, a vacation home. Whatever the story a vacant home is one that isn't being used and one that is costing the seller money. In some cases, because these sellers are not near the property they will also opt for "as is" as a way to sell the property.
Bank Owned And Foreclosures
Some vacant homes have been foreclosed upon. The lender currently owns the property because the previous owners defaulted on their mortgage. Often, the lender is only interested in recouping whatever they can from the property as quickly as they can. While traditional foreclosures are sold for cash at the courthouse steps, more often you'll see these home appear in the MLS as foreclosure homes for sale in the Davenport MLS.
Let’s Find a Deal
Ready to find a great deal on a home? We’re here for you! Contact Florida Realty Marketplace today to discuss your housing needs.