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Can You Buy a Home Below Market Price?
Your home is likely the most expensive purchase you'll ever make. But with fluctuating markets and mortgage rates, many potential buyers wonder: is it possible to find a home below market price?
There's a chance, anything's possible, but do not hold your breath. Sound harsh? To find a real bargain that's not too good to be true, it will take a lot of determination, resilience and time.
If you are adamant, here are some targets to pursue:
A foreclosed property. Pay attention to foreclosures and bank-owned property auctions in your area or the area you wish to buy in. Find a real estate agent who specializes in foreclosures to help you hunt, but keep in mind these types of purchases can come with additional complications.
A fixer-upper. A home in need of a little TLC can be a great deal--if you're handy. If you can do a lot of work yourself, then a fixer-upper may be a good option for you. However, if you will need to hire a fleet of contractors to give the space an entire face-lift, you may end up spending way more than you hoped.
Either way, before buying a home that needs work, make sure you get it well inspected so you know exactly what you're in for.
Hard-to-sell new homes in a housing development. If you're in a buyer's market, you may be able to find a new, vacant home in a development that has been sitting empty for a while, and has developers itchy to get it filled.
Tenant-in-common partnerships. With these, you may be able to buy a partial interest in this form of title to property owned by two or more individuals because the partners often sell at a discount. Make sure you have a property lawyer go over the paperwork and implications with you so you know what you're getting into.
Bargains are easier to come by in a soft real estate market, when the economy is in a recession, and when homeowners, and builders and sponsors of condominium conversions, are desperate to move unsold units.
Happy hunting!
As a Member of the Top 5 in Real Estate Network®, I have a wealth of real estate and homeownership information that may be of help to you. Feel free to contact me any time to learn more about this important information, and be sure to forward this article on to any friends or family that may be interested as well.
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