Working for many years in the real estate market it was not really until the last few years that we dealt that much with lender owned homes and short sales and rarely had the unfortunate case of buyers having to purchase a home in AS IS condition. The big question is it really worth the savings on the price of the home?
To some people it may very well be. My recent experiences and the past few years of knowing what clients find and spend after the fact I am beginning to think twice about recommending these types of homes to buyers without really making them aware of what the future could hold.
Naturally, having a home inspection is one good step to hopefully avoiding additional costs after closing on the home but buyer beware, an inspection does not always show everything that could be wrong with the home. Things get missed by even the top home inspectors. Air conditioners that appear to be running fine may really need expensive repairs or even replacement - thus the case in a recent closing of mine to the tune of $10,000, certainly not necessarily worth the savings on this home.
Not only do you have so many uncertain issues but most of the time the home is in disrepair and the time and money you end up putting into it afterward makes up the difference from buying the same home in great condition and having repair issues and disclosures by the seller covered. Even some of the simplest things add up to costing you money like landscaping not being taken care of and possible dead plants and grass. The move out of a short sale owner who does not care about it condition later could mean damage to paint, doors, cabinets, carpeting, tile as well as holes in the walls, I have seen it all.
Keep in mind, in the case of a short sale the sellers may be living in the home but once they have bank approval and know it is going to close without a foreclosure on their hands many homeowners move out damaging the mesa homes for sale or even take fixtures that convey with the home. This is illegal and considered stealing but trying to catch them and get the fixtures back could be harder and more expensive than just replacing these items.
Be very careful buying lender owned and short sale homes, they are not always worth it. This is not to say that some work out beautifully and you end up getting a great deal on the home of your dreams but always buyer beware, especially when you are buying a home in AS IS condition.
Janet robel is a highly successful Real Estate Agent specializing in the mesa homes for sale area. She credits her success to hard work, integrity and honesty. Clients continue to refer her over and over again. Nancy is one of the most successful award-winning agents and currently with West USA Revelation. She was awarded the Phoenix Business Journals top 50 Individual agents in the state of Arizona and she is the top selling agent in the 5th top selling office in the State of Arizona.
Find a top realtor or a wonderful Chandler Home perhaps in gorgeous Ocotillo at Ocotillo Golf mesa homes for sale or in Mesa, AZ with its majestic mountains at Real Estate in Mesa, Arizona
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