Your key to finding real estate bargains involves having knowledge of the market. Bargains are rare, truly few and far between, but every buyer would love to have one. The reality is that what seems to be a low price, may not truly be a bargain. What may appear to be a bargain could potentially be a money pit, or is priced low because it is not in a salable location.
Although the Highlands area has had fewer foreclosures than most markets, some of the best bargains out there have foreclosure written all over them. One of the myths I have experienced in making offers on foreclosed properties is that it is rare for lenders to accept offers way below their asking prices. In most cases the lenders have already reduced their list prices far below market value when they are placed on the market. Also, the majority of lenders require proof of funds from the buyer when making the offer and usually allow only 10 days for all inspections.
The biggest problem with foreclosures is that they are in the lender’s hands and more often than not the lender is not looking after the property, at all. In cold winter climates this could mean frozen pipes and water damage. In general foreclosure properties are sold “as is” and the lender will be putting no money toward fixing anything. Air quality problems that may arise from mold, radon, gas leaks, will not be mitigated. Lead paint will not be replaced nor will asbestos be removed.
Another aspect to finding a bargain in the Highlands market is to have an experienced Realtor who will keep watching properties which have been on the market for a long period of time where sellers are continually reducing their list price. Many sellers who are no longer able to enjoy their second homes may be simply ready to sell and often at bargain prices.
When looking for the “best buy”, it is important to understand that contracts contingent upon the sale of the buyer’s property, lengthy closing dates and owner financing with low down payments usually do not work. There are so many factors involved with buying a home and a bargain can often be achieved simply by offering cash or a quick closing.
If you have your heart set on a foreclosed or bargain property, contact an experienced Realtor® to get a sales history on the house. Doing your homework could result in a better outcome. Allow your Realtor® to do the legwork in determining if the property has the potential that meets with your financial requirements and the best location for your needs and/or potential resale value.
An experienced Realtor is your greatest resource for finding the best real estate bargain available at any given time. A Realtor® has access to the latest listings as well as to a database of contacts to locate the best bang for your buck in the market. A Realtor® can also help you decipher if a seeming bargain is truly a bargain.
Lynn Kimball has over 42 years of real estate experience, with 31 years serving the Highlands Cashiers area. She has gained Emeritus Status with the National Association of Realtors and previously served as a Director and Vice President for the Highlands Cashiers Board of Realtors. Whether you are interested in searching properties or comprehensive information about our area, you are invited to visit her user friendly website at www.signatureproperties-nc.com. Berkshire Hathaway HomeServices Meadows Mountain Realty has three locations, at 41 Church Street in the Old Edwards Inn complex, at 488 Main Street or visit Lynn at her 2334 Cashiers Road location across from Highlands Falls Country Club. Lynn Kimball may be reached at 828-421-8193 or by email at Lynn@MeadowsMtnRealty.com
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