Buy A Home

In our ever changing Real Estate market, there are many different types of homes available to a home buyer.  Before starting your home search, you must determine what type of home you are interested in.  Our agents will discuss this with you in your initial consultation. There are  positive and negative items with each type of home for sale and our experienced agents will help direct you to your dream home based on the information gathered from you during your initial consultation. Below are a few examples of the types of properties that are available to you as a home buyer.

 

BANK OWNED/REO HOMES

Bank owned /REO Homes are a very common type of property available to most home buyers.  These homes have already been through evictions and and the foreclosure process.  You, as the home buyer; will be dealing directly with the bank.  Banks don’t like to own Real Estate, so they typically are willing to work with a buyer to get the property sold and in a timely fashion.  Some of these homes need repairs, while others can be in “move-in” condition.  It is common to have the ability to perform inspections prior to purchase and to obtain Title insurance.

 

SHORT SALES/PRE-FORECLOSURES

Short sales or pre-foreclosure homes are being sold by the homeowner prior to foreclosure. The seller is most likely either behind on their mortgage payments, or upside down in their home with negative equity. When placing an offer on one of these properties, you must exude patience as the timeframe to complete a sale on one of these types of properties is anywhere from 2-9 months.  You will be dealing with both the seller, and the bank that holds the mortgage on the particular property.  In our current economic climate, there are many short sales/pre-foreclosures on the market, which is one reason that the timeframes are much longer.  If you have deadlines of when you must be in your new home, this may not be the type of home for you to pursue.

 

AUCTIONS

There are many types of auctions.  Examples of different types of auctions are foreclosures, probate cases, out of state owners to name a few.   Most auctions have quite a bit of competition and sometimes homes will sell for higher than what is market value for the home due to competitive battles that buyers may get into.  Don’t get trapped in this situation. It is always a good idea to take your Real Estate professional with you to an auction.  You need someone to help you make a rational decision about your next home.

 

TRADITIONAL

Of course there is the traditional owner occupied home. This is the most common type of home available.  For the most part, this is the most simple of all.  However, at times we do run into conflicts between buyer and seller and sometimes can’t come to terms on items.  This is where you will need to rely on the experience of your Real Estate agent for guidance.

 

Each type of property has similarities, while different at the same time.  It is important to know what type of property you are interested in before starting the buying process. Your Real Estate agent at Red Oak Real Estate Group will guide you through the process of determining the best fit for you and your family based on your initial consultation.