Beware! Distressed and REO properties are not that easy to purchase. Usually, there is a long wait time to hear from mortgage holders and distressed property owners may not be in a position to sell greatly below market value b/c they might fall into short sale territory (then sale becomes subject to bank approval = more time and less negotiation) Often, if the home owner is struggling to pay (or not able to pay) the mortgage, property maintenance takes a back seat to other bills. You may be looking at dropping thousands to fix up the property.
Why don't you look for a property with a motivated seller? There are plenty of us out there. Sellers that have enough equity to keep them out of short sale turf can usually offer quicker closings, easier negotiations, and other perks like a home warranty. Nowadays, smart sellers know they are not going to walk away with loads of cash, but realize the net gain in freeing themselves of the carrying costs of the property.
Talk to a realtor and find a house that has been on the market for a while and ask about the situation. Things like... the house is vacant but not a short sale may give you a clue that a home owner had to relocate for something like a job, but is suffering from the costs from 2 mortgages and 2 sets of utility bills. These people want to negotiate. Look for houses that are for rent or sale...these are frustrated home owners who have to move on, but can't find a buyer...hint, hint. I'll bet that the non-distressed homes are in way better condition too!! (less fix up costs)
Talk to a realtor and be open minded. Not all good deals arise from distressed properties and REO's!
P.S. I have a great home in this zip for sale and it is below 300k, in fabulous condition, and we are motivated sellers! Email me and I'll send you info if you want. I am sure we can make an awesome deal!!
You may find a motivated seller and it may be a better bargain than a short sale or foreclosure.
Good luck 215-343-8200x124
If you'd like to contact me to discuss, I'd be happy to help you.
Coldwell Banker Hearthside, Realtors
Seriously, if you are looking for:
1-a house on or near a certain street AND
2-under 300K AND
3-a homeowner or lender that will make a great deal or accept your offer
You may not be successful (at least not this year) Your search is extremely narrow and you may be eliminating other great spots within the same zipcode. Yardley and Morrisville boroughs are both really nice places and most of the houses are different in build and character from their neighbor, so you should find an excellent selection.
If you are firmly sticking to staying under 300K, then you would find success faster by allowing another variable (like location) a greater range. Just a thought.
Happy house hunting!
Kenneth "Ken" Verbeyst CRS GRI ABR SRES
Broker-Associate Prudential NJ Properties
licensed NJ & PA