Home Buying in Reno>Question Details

Shartley86, Home Buyer in Reno, NV

Hi there, i'm just wondering if it is better to purchase a forclosure or a home that is on a regular sale? What are the pros and cons of both?

Asked by Shartley86, Reno, NV Sat Sep 1, 2012

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Who the Seller is or what the circumstances of a sale are not nearly as important as the house and how it stacks up in the market. Some REO Sellers offer great incentives ... so do some "Regular" Sellers. each property needs to be evaluated and weighed on it's own merit based on the current market competition.

Lisa Wetzel
RE/MAX Realty Affiliates
1320 Highway 395
Gardnerville, NV 89410
1 vote Thank Flag Link Sat Sep 1, 2012
Shartley86, In today's market there's not the big difference their used to be. The banks are catching on and are now rehabbing the homes before putting them on the market. With a foreclosure you may get a home that has been painted with fresh new carpet yielding a $15,000 more asking price. Another thing to consider is a foreclosure has not been lived in for an amount of time not known at the time of purchase (asking the neighbors is the best way to find out). Some of these foreclosures have been vacant for several years so problems are very difficult to uncover.

In a regular sale you get a home owner who knows the house well and has taken pride of ownership over the last few years. With a regular sale you get a disclosure stating what they know is wrong with the home in advance as well.

There are definitely Pros and Cons with each and I believe only you can answer the ultimate question.

Good Luck,

Steve Miller
1 vote Thank Flag Link Sat Sep 1, 2012
In this market I recommend putting in an offer if you like the house, regardless of the type of sale. It is very hard to find an available home and get an offer accepted. Both foreclosures and regular sales can close in approximately 30 days with a loan and 14 days with cash. Every once in a while, with a regular sale, you'll run into a situation where the Seller of a home will think their home is worth more than it actually is, and they'll be harder to negotiate with than a bank. Banks will generally accept appraised value for a foreclosed property.
0 votes Thank Flag Link Sat Sep 1, 2012
In today's market most all properties get multible offers. No matter what the circumstaces of sale, the sales price is going to be "market value". The most important thing to consider is, a home that meets your families needs and that you want to live in. A good Realtor can advise and guide you with this selection. For more info, call me: Don Robertson @7752246409.
0 votes Thank Flag Link Sat Sep 1, 2012
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