How to Get a Bargain When Buying a House

When you're in the grocery store food shopping you're always searching for those coupons and deals. When shopping for a new house keep your savvy sale instinct alive and your eyes open for all kinds of deals. You don’t always have to pay through the roof to get the home of your dreams. With some slick real estate tips your fantasies can become a reality. Getting a deal on a new home sounds near impossible these days, but Balboa Realty, the orange county real estate experts is here to give you insider advice on how to find a bargain home.

Are you looking to buy a new home? Call Balboa Realty today: 949-386-8310 

Foreclosure 

This scary word can actually work in the benefit of the buyer. If a homeowner fails to pay back the financial institution that lent the money for the home’s mortgage, the home goes into a process of foreclosure. The lender takes ownership of the house and it’s goal is to sell the house as soon as possible. Because this is an expedited process, the home will likely be sold “as is” without officially inspections done. The buyer will be responsible for any cleaning, repairs, upgrades etc. A repair credit can be requested, but it isn’t always granted. Although we would never wish foreclosure on anyone, it is one way for buyers to find homes on major sale. If a house in foreclosure is in good shape and you won’t have to invest a lot of money in it, the home likely is a good idea to buy. Evaluate the cost and effort you will have to put in to the home to see how much of a deal you are getting. 

Short Sale

Right before entering the process of foreclosure, is a short sale. When the seller is behind on mortgage payments and can’t afford to pay for anymore payments, they will often list their house for a discounted price. They want to get the house off their hands as soon as possible and are often eager to make a deal. The lender does have to sign off on the sale, so they must agree to the price. Sometimes this can take months of back and forth negotiations to settle on a price, but often that price is still worth it if you have the time. 

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Price Reduced Home

This catchy phrase is a strong advertising strategy that sellers use to let buyers know that they have lowered their original asking price. You’re in luck if you see this posted on a listing because you might be getting a bargain. This could be due to a number of factors such as family is moving soon, the winter slower season of selling is coming, or they just simply want to sell so they don’t have to deal with the stress of selling a home anymore. The most common reason is that the home was priced too high to begin with. Some people fear that “priced reduced” means that something is wrong with the home or their are major repair issues, but as long as you do your due diligence you will know exactly what you are buying when it comes time. Because the seller was willing to drop the home’s price already, this also indicates that they might be willing to lower the price once again. It’s worth a shot to ask! 

Published on Thursday, July 13, 2017