When a buyer considers the option of buying a foreclosure or short sale home in Alexandria VA, usually the dream of buying a home in model condition at a deeply discounted price comes to mind.
I've recently sold two bank foreclosures and I can tell you that not only are they sometimes tough to sell, they're also tough to show, take a look at the following video: http://slideroll.com/show.php?s=abq5b10a
I've shown homes where the cabinets have been pulled from the walls, all of the appliances have been taken, carpet has been ripped up down to the subflooring, not to mention the odors and living things with multiple legs that can sometimes greet you at the door.
Getting a home way below market value is one thing. Having the time and money to make repairs is another.
Here are some things to consider when purchasing a foreclosure or short sale home in Alexandria VA:
- How much money do you have for repairs after down payment and closing costs?
- What types of repairs are you willing to take on?
- If the repair costs end up going over budget, what's your plan B?
- Do you already have a team of trusted and reliable contractors to help you with cosmetic and structural repairs?
- Have you secured the best type of financing for your foreclosure purchase?
- Do you have the time to oversee the repairs?
Many times when buyers start out looking at the foreclosure homes that are available, the thought of costly repairs and time become too overwhelming and we end up looking at seller-owned homes that show 'pride of home ownership'.
There's a story behind every foreclosure, there's also a story behind every purchase. To make your homebuying experience a smooth one, consider the pros and cons of buying a foreclosure. Sometimes, the time spent on repairs is not worth the money.