Homes for sale in their current condition can sometimes offer a bargain. Home buyers who are considering taking advantage of such a deal need to understand the details, however.
According to Bankrate.com, buying a home in its current condition is commonly
made when a bank is selling a foreclosed home or in short sales, which is when an
owner's mortgage balance is greater than the property's value. One expert told
Bankrate.com banks may negotiate some repairs in the case of foreclosures,
particularly if they concern the property's safety may fall under government
Warranties and repairs
Not all homes for sale fall under these categories of foreclosure or short sales,
however. Some home sellers simply do not wish to pay for certain repairs. Buyers
need to work with their real estate agent in situations like these to negotiate
the best possible price for the home.
Bankrate.com notes needed repairs may not make a house a bad buy, particularly if
the repairs can be made over time. If defects are vital, such as problems with
electrical or plumbing systems, then the added expense immediately after
purchasing the home may be more difficult financially for the new homeowner.
Work with a qualified Realtor and Title company.
Wayne Solomon, P.A.| Realtor
Coldwell Banker Residential Real Estate
2301 Glades Road|Boca Raton, FL, 33431