Real Estate Bargains: Tips for Spotting Picks and Passes
There’s still a fever surrounding the real estate market in general. Homebuyer tax credits are readily available for many and foreclosure/pre-foreclosure listings are still plentiful in the marketplace. Before you lose your head and start bidding willy-nilly on the latest and greatest real estate deal, here are some key questions to have your real estate professional answer prior to faxing in that bid:
- Is it a short sale? If so, the price listed may not even be realistic and a ply by an overanxious real estate agent to get eyeballs on their listing. Have your Realtor find out the status of the short sale: the lender, length of time on the market, recent home sales in the area and sale price. All of these things will help you and your Realtor make a competitive bid (if it’s worth it) or walk away if the price is simply too high.
- Vacant or occupied? Oftentimes a vacant property is simply awaiting a buyer as the seller has already taken up residence elsewhere. Get the story on the vacancy and use it for leverage. If you’re in a position, you can explore offering an accelerated closing process to accompany a lower offer.
- How many units are for sale? If you’re looking at a condo, research how many total and similar units are for sale in the same complex. Upgrades, time on market, location…all of these things affect your offer price. You may find a foreclosure/bank-owned unit that you love, but there may be another one that’s identical around the corner that offers a more favorable scenario.
Not everything that appears to be a good deal is a good deal once you start to dig beneath the listing. If you have questions, our entire staff can help you research a listing and uncover the details prior to your hopes being blown out of proportion because a listing looks too good to be true. Just call us – and if you’re in the area for any of the upcoming events in Ouray, Ridgway, Montrose or Telluride, stop by! We love meeting our neighbors and would be happy to chat with you one-on-one.
The Staff at San Juan Realty, Inc.
