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WHAT LOOKS LIKE A DEAL MAY NOT NECESSARILY BE
Posted by V.K. [Mel] Melhado P.A. on Sunday, May 17th, 2009 at 8:01pm.
The first words out of the lower end buyer's mouths many times are pre-foreclosures, short sales and forclosures. Buyers often perceive these to be the best values out there primarily because of the price points and the massive publicity that the press nationwide has given them. But a word of caution is in order, rather than just rushing in and regretting it afterward.
In the case of short sales, whether approved by the lender or not, once an offer is made by a buyer, they effectively have taken themselves out of the market ubtil such time as the mortgage holder makes a decision. Although the banks and lending institutions have gotten better about the time of response, you never can count on any time frame.
With regard to forclosed homes, a buyer must remember that they are purchasing the property as-is with the right to inspect. You can count on the bank or mortgage-holder not fixing a thing, so it is buyer beware. One thing that needs to be taken into account is the length of time the the a/c has been turned off and whether there are potential mold issues.
We continue to maintain that there are plenty of values out there that do not fall into the above categories.
V.K. [Mel] Melhado PA
Downing-Frye Realty, Inc.
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