Just What is the ‘Best Deal’ in the Housing Market?

red sold sign

When looking at the Lakeland real estate market reports, one thing is for certain that buyers still control the market by what they want to pay for their next home or investment – it is still a buyer’s market.

There are good deals throughout the Lakeland real estate market, but what are the best deals? As a real estate agent, today’s buyers looking for the best deals ask me about foreclosures on a daily basis. Let me suggest three distinct categories of homes for sale in Lakeland that generally have the best deals:

Bank Owned Properties (REOs) – These type of properties have already gone through the foreclosure process and are now owned by the bank or the government. The purchase of these REO properties is not for the faint at heart. They require due diligence to distinguish the pros and cons for the buyer. However, depending on the amount of physical work needed, these homes generally offer the best deals for a potential buyer or investor.

Short Sales – A “short sale” means the seller has listed the home for less than they owe on their loan and the lien holder has agreed to release their hold on the property and accept the lesser amount. Compared to the traditional homes for sale within the same neighborhood, the savings on a home listed as a short sale can be well worth the wait. When the home is in move-in conditions or little repair is required, those listed as short sale are a great opportunity for a buyer to get the best deal. After the seller accepts an offer, the buyer should have have the home inspected. Then have patience for the short sale to complete as they take a bit longer than traditional sales.

Traditional Homes on the market for several months – Homes that are sitting on the market can be best deals simply because the seller is generally more motivated than when the home was first listed. In addition, the negotiation takes place between you and the homeowner. There is no waiting on the lender to approve a short sale or to sign pages of an addendum that is required to purchase a bank owned property. The seller is more eager to add a homeowners warranty or assist with closing costs.

Each category comes with pros and cons, and unless with all these aforementioned tips on how to get the best deals when buying a home, it is best to hire an experienced real estate agent who knows the local real estate market and can find you the best deals that fit your needs.

Creative Commons License image credit: Diana Parkhouse

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>