Buying Distressed Properties

I recently had a client ask me to search the Lake Norman area for foreclosures, as-is properties, bank-owned homes, and any other property that might be bought at bargain prices. The client wasn’t an investor, she was looking for a home for her and her family. The first one she wanted to see was a 1950’s “as-is, where-is,” and came with a five page inspection report detailing everything from roof leaks to termite infestation. Her attraction to the home was first, price, then size. She has two kids and a mom that stays with them.

Needless to say she was greatly disappointed in the condition of this home. After talking to her about why she was searching for this kind of property, it occurred to me that she was operating under the misconception that in her price range, distressed properties were her only option for finding a home. She couldn’t be more wrong. There are plenty of homes, 1990 or newer, in nice communities  with all the room she needs for her family. We are now searching for a ready to occupy home that she can afford.

The message here: just because you may only be able to afford $100-$150,000, don’t believe that you can’t find and shouldn’t expect to buy a nice home ready to move into. If you’ve been laboring under this kind of misconception, and would like to know what’s real, call or email me and we can discuss your particular situation. The only thing to remember is the same criteria still apply for getting a loan; credit score, assets, debt to income ratio. If you can meet those benchmarks, you can enjoy ownership in a home you can be proud of. I guarantee you, there’s plenty to choose from right now.

So, what are you waiting for?


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