Looking to buy a home on Lake Nacimiento? You may have already started the beginning stages of searching for a home in the gated Oak Shores or Hertiage Ranch communities on Lake Nacimiento online; which is a great way to start! If you searched for available homes on Lake Nacimiento; you’ve probably come across some certified distressed properties and have wondered if buying a short sale or foreclosure home is the right move for you.
Before you completely discredit buying one of these homes because you’re not sure how it all works; I’d encourage you to continue reading! can be very rewarding! It’s important to know what type of home buying process you’re getting into, and to make sure you have found a Buying a short sale or foreclosure home on Lake NacimientoLake Nacimiento Real Estate agent who is an expert in dealing with distressed properties. This will make the process of buying a short sale or foreclosed home a much smoother and stress free process!
Below are a few of the questions you may have regarding a buying a distressed property on Lake Nacimeinto.
What are the advantages of buying a distressed property on Lake Nacimiento?
– The first advantage is that you’ll be buying a home from a highly motivated seller. Whether it’s bank owned, or the seller is just trying to get out from under their mortgage; the emotions of the sale are lessened and the main goal is to make sure the home is sold. You’ll also find the price to be a great deal for the home! You’ll notice that foreclosed homes on Lake Nacimiento in Oak Shores and Heritage Ranch are the best deals because lenders are anxious to get them off their hands and their books. A short sale will still be very reasonably priced, and the chances of the home being in great condition are good because the home owner wants to make sure buyers see it as move-in ready.
What are the disadvantages of buying a distressed property?
– Because they are so well priced; many buyers are interested in these properties on Lake Nacimiento so competition can be a big factor. Another disadvantage is that foreclosed properties oftentimes need a lot of TLC. Being willing to roll up your sleeves and do some work on these great deals will pay off in the end! You’ll also find that the short sale or foreclosed home buying process can be a much longer process. Be prepared for a lot of paperwork and hoops to jump through. However, having a certified distressed property Lake Nacimiento Real Estate agent on your side will be very beneficial. They’ll know exactly what you’re likely to face and will understand how to deal with any situation that arises.
Are there any tips for buying a distressed property?
– Yes! Although it may seem like a more challenging process, there are things you can do to make the process run smoothly.
- Be sure to get a home inspection before you make an offer or put down any money! Even though many banks will sell a foreclosure “as is”, and short sales don’t offer much in the way of making repairs before you purchase; you’ll have an idea of what you’re getting into. You want to be fully aware of any issues with the house prior to buying so you know how much additional money you will need to put in the home.
- Get preapproved! This is vital in speeding up the home buying process. Not only do banks and sellers want to know you have your financing in order and are fully ready to buy; the stiff competition for these homes warrants the need to be prepared.
What type of loan should I get for buying a distressed property?
– If you’re a first time home buyer; a Federal Housing Administration (FHA) loan may be the type of loan you want to choose. They offer programs that help you with a home that needs major repairs. They also only require 3.5% down as opposed to the typical 20% down on a new loan. Your Lake Nacimiento Real Estate agent will be able to walk you through this process and help you determine which type of loan is right for you.
I hope these answers help you as you consider buying a short sale or foreclosed home on Lake Nacimeinto! Of course this is an overview, and I would be happy to discuss this process more in depth with you or answer any other questions you may have. Feel free to contact me today to get started!
Grace Borzini
Your Local Lake Nacimiento Real Estate Expert
Oak Shores Realty
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Oak Shores Realty specializes in Oak Shores at Lake Nacimiento properties. Please contact us today to get more information on Lake Nacimiento lake homes. Oak Shores Realty can also provide you an insiders “Lake Nacimiento Buying Guide” with great information including maps and market information.
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