Looking to buy a Raleigh, NC home that already has built in value? Here are two tips to help you find the perfect home at a bargain price:
Tip #1 – Hire a real estate professional. Yes, we would love for you to consider the Marti Hampton team, but we highly recommend that you have a real estate agent represent you even if we aren’t your first choice. Maybe we can be your second?
Your agent needs to be very familiar not only with the Raleigh real estate market, but also the very specialized market of Foreclosures, Real Estate Owned properties (REO’s), short sales and Government Owned properties. These are often referred to as distressed properties. This is a great time to look for value in a home, not only these, but others as well.
Everyone knows about fixer uppers – like you see on HGTV – where a little sweat and effort can bring a large return. Not every real estate bargain or distressed property is a fixer upper. Many of the above foreclosures, REO homes and Government properties that are available from HUD, or the VA are a fixer upper.
There are also other types of homes that are offered at below market value. These include estate sales, auctions, divorce sales and builder close outs.
Tip #2 – Determine the true condition of the property. Most fixer uppers and distressed homes are sold “As Is” meaning that the home owner, whether it is the lender, government or individual home owner, is not willing to fix anything. There are exceptions to this, but they are rare and it is important to find the major issues that need to be addressed and how much the repairs will cost. This is where the new NCAR offer to purchase and contract can be helpful. It includes a due diligence period where the buyer has time to investigate the home for a negotiated period of time and can walk away from the sale with a refund of the earnest money during that time frame depending upon what is found. Again, this is where a real estate professional can help you avoid the pitfalls and dangers in this type of purchase.
The Marti Hampton team is a HUD Registered Broker and we can help with all the types of properties as well. Call us today to get started in finding a great buy!