In the pursuit of finding the perfect home, many buyers hope to find it at a bargain price. Unfortunately, that does not always happen. However, there are ways to find a home that you and your family will love for a price that you will love even more. You just need to know which type of home to look for. To help you with finding a bargain, here are a couple of types of homes you should include in your shopping.
A vacant home might not appear to be much of an opportunity to score a bargain, but it can be. Depending on how long the home has remained vacant, the seller might be more willing to negotiate the sale price. Chances are, the seller's new home comes with a mortgage and paying for both homes can be a strain on their budget.
It is important to note that if the home has been vacant more than a few months, there could potentially be problems with it. For instance, the HVAC system could need care since it has not been in use for a long period. Be sure to have the home thoroughly inspected while all the utilities are on to verify that it is good condition.
Foreclosures could be one of your best shots of getting a bargain on a home. The lender made an investment in the home and the previous owner's inability to make payments as promised means a loss for the lender. To recover some or all the loss, the lender will need to sell the home. That is where you come in.
You must be careful when buying a foreclosure though. The lender does not have intimate knowledge of the home in the way the previous owner did. Therefore, some problems with the home might not be disclosed. However, a thorough home inspection could uncover some of those problems.
An inheritance is great for most people, but for those who already own their home, it can be another bill to take on. Unless they are interested in keeping the home in the family, chances are, the heirs will want to sell the property. You can probably convince them to sell for a relatively low price to avoid the hassle of caring for the home.
If you do buy a home with multiple heirs, you must be sure that everyone is on board with selling the home. If not, your purchase could be stopped in its tracks.
Your real estate agent can help you find other homes that fit into your budget.