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Home Ownership in Lancaster : Real Estate Advice

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  • Home Buying73
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Activity 2
Tue Aug 21, 2012
Mary Lynn Kellenberger answered:
Dear Beth,

First off this home is under agreement!

However, Beth, you should know that there are a lot of factors to consider when purchasing a foreclosure property, for example, what is the market value of the home in its current condition, how long has the property been vacant, have the utilitties been shut off, if so has a moisture problem occurred, has the home been winterized if not, what is the cost to repair plumbing ?

A house closed up, with no active utilities for a long period of time, deteriorates a home quickly. The Buyer may be able to purchase a foreclosure for much under the market value, however, costly extensive repairs to remeditate to market value and can easily drain your finances. Although the buyer can pay for and order inspections (approx($400-$1000) before offer fully executed , the inspecition is only for disclosure purposes and can not usually be a contiingency to purchase, since the property is to be purchased in "as is condition".

The buyer will even have to pay for activiation of the utilities in order to conduct inspections($100-$300 dollars) Because of these conditions the buyers financing options may be very limited.

As you can see working with an experienced agent who can provide the information to assist you in making an well informed decision can remove many of the "unknowns", help you negotiate the best price, assist with the financing process, an confidentally escort you through the closing process.

I am available to address your questions and concerns and I will gladly assist you with your real estate needs. Thank you for your inquiry

Mary Lynn Kellenberger
Castellum Realty LLC
2938 Columbia Ave. Suite 602
Lancaster, PA 17603
Office: (717) 390-8701
Cell: (717) 606-4340
Fax: (717) 666-6350
Toll Free: (866) 980-9700

The Right Realtor For Your Real Estate Needs!
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