it's a real waiting game... contact me for more information...
The only advantage for your time and trouble is the lure of a below market deal. But the banks are looking for closer to market value than in the past.
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Financing Kentucky One Home at a Time
Yeah, that's the only disadvantage I can think of.
Well, the 70% failure rate should be considered.
Then there's that illusion of rules contradiction, pages and pages and pages of controlling documents and in the end, anything can and does happen in this "Wild, Wild, West of Real Estate."
Well, then there that 'black hole' of communication. Everything goes in, nothing comes out...for months and months.
Well, then let's not overlook the fictitious price situation. You think it's offered for sale for $200,000 but the bank says, 'No, we think it's worth $320,000."
Other than those irritants, the major deal is exhausting my cell phone minutes. ;-)
Best of success to you,
Annette Lawrence, Broker/Assocate
Remax Realtec Group, Palm Harbor, FL
Thanks for your question.
Disadvantages I see:
1.- Uncertainty of closing time. The bank may take longer than 90 days to close both parties will have to agree to extension if that happens. In some cases the bank does not agree to terms and closing does not happen.
2.- Uncertainty of price. Bank could give you a counter even after you and the seller have signed the agreement.
3.- Property is being sold normally in AS IS condition. Meaning that if repairs are needed, buyer will to be responsible for them. I strongly recommend to do all the inspections to know what may be working and not. It gets tricky when the property is winterized and all the utilities are off.
4.- Buyer has to obtain all the certificate of occupancy and fire inspections required by town where the home is located.
Those are the main ones.
If you have more questions do not hesitate to contact me.
Take care and good luck in your purchase.
Ines De La Cruz, Realtor, ABR, CRS
Still want to consider buying one?
The are not necessarily the bargain many consumers think they are.
Each bank handle negotiations different than others. Also the programs being approved under could make a huge difference the wait time.
When buying a home "as is" , this should always bring up a red flag to a buyer. Unless you are a savy investor, some of these homes need repairs beyond what the average buyer can handle.
Make sure you have the home looked over by a professional home inspector or contractor... And do it right away, don't wait for the approval.
I just showed a home in Audubon that had a disclosure, but an inspector revealed damage in the foundation.
If I can help you see some homes you are interested in buying call me.
Search foreclosures and short sale here: http://www.BuyNJShortSales.com
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609-868-1171 call / text / email 7 days
A few disadvantages:
1. Many are "As Is" and will not do any repairs. What you see is what you get. Some are still lovely, others not so much.
2. You need to be patient - when you put in an offer, it may take a while before you hear anything. If you have a time constraint, such as having to move out of your current home asap or having a buyer for your current home, this may be an issue.
However, you really could get a good deal on a short sale!
If I can be of any help, please contact me. :) I work out of my home office in Blackwood.
Heritage Realty of South Jersey, LLC
Residential Marketing Specialist