Unfortunately, with housing market a bit shaky the last little while, a lot of foreclosed properties have resulted. While this has caused many once up-and-coming neighborhoods to decline, it’s also opened the door for many house hunters looking for a good deal.
While the Rock Hill SC and Fort Mill SC areas haven’t been hit nearly as hard as other areas across the country, and even within the Charlotte NC region, there are still a fair share of foreclosed properties available to those willing to do the work and assume the risk.
Here are 5 tips to keep in mind when considering a foreclosed home in the Rock Hill SC area:
1. Finding one has become easier
You don’t need to show up at courthouse auctions or comb through legal filings. These days many banks sell foreclosed homes through real estate agents.
To find listings, look on sites that specialize in foreclosed properties, such as realtytrac.com and foreclosurepoint.com. The local multiple-listing service often has selections as well. (The fact that the home is in foreclosure is not always highlighted in the MLS, but it’s often mentioned in the description.)
Finally, some agents specialize in foreclosures, so call your local realtor’s office and ask for a referral.
2. It’s best to buy from a bank
If you buy a foreclosed home at an auction before the bank repossesses it, you’ll have to pay in cash, and you usually cannot inspect the property. You may also later discover that there are liens against it.
When a bank takes back a home, however, it will clear any outstanding liens. Plus, when you buy a bank-owned property, you can inspect it beforehand, and you can finance the purchase with a mortgage. Leave your suitcase full of cash at home.
3. Bring in a contractor before you buy
Many foreclosed homes have been abandoned, some even vandalized, and they often require major repairs. “One mistake a lot of people make is underestimating how much work it needs and the cost,” says Rick Sharga of RealtyTrac.
To avoid getting stuck with a surprise bill, ask a contractor to give you an estimate of how much the restoration will cost and how long it will take. Many will do so for free in hopes of winning your business.
4. Bid low
Banks aren’t necessarily selling foreclosures at fire-sale prices; some are listed at market value, says Gene Hacker, a broker in Orange County, Calif. So be prepared to haggle. The bigger the inventory of foreclosed homes the bank has and the longer the property has sat, the greater your chances of nabbing a great deal, says Chris Matty of ForeclosurePoint.com.
Set your initial offer about 20% below market price – or more if your area has a lot of foreclosures.
5. Be prepared to wait
While some lenders are getting back to bidders within 36 hours, others are dealing with an enormous backlog that can hold up their response for as long as three months. While you wait, someone can trump you with a higher offer.
To boost your chances at scoring a home you love, have multiple properties in mind, and get your financing pre-approved before you bid. Even if the lender says it has another offer, follow up every week – these deals can often fall through.
These tips come courtesy of Amanda Gengler, a writer for Money magazine.
Filed under Charlotte NC, Foreclosed Houses, Fort Mill SC, Home Buyers, Rock Hill SC by 
I get this question on occassion from anxious home owners that were hoping their home would sell within days of putting it on the market. Fortunately for my home sellers, in most cases the reasons their house isn’t selling usually comes down to the simple fact that you can’t sell a house overnight. In other cases, there’s some tweaking that needs to be done in order to sell the home fast and for top dollar.
Here are a few suggestions to consider if you don’t think you’re house is selling fast enough.
- Is it priced too high? In many cases, this is the single biggest reason why your home isn’t selling. In tough markets like the one we’re experiencing, house buyers have many more options so it’s critical to make sure your home is priced to sell.
Now you don’t want to simply give your house away, but you may need to consider that a price reduction is needed to sell the property.
- The home is too ‘personalized’. This is another common problem. If potential home buyers can’t envision themselves living in your home for all the family photos or other extensive personalization you’ve done, you’re going to have a very difficult selling your home.
You want people to want into a home where they can easily see themselves living, with their furniture, and their personal touches, not yours.
- Your agent isn’t doing enough to get the word out about your house. In today’s tech-savvy real estate market, it’s critical that your house is marketed online. And I’m not just talking about listing it in the MLS.Â
A good agent should have your home listed on their website or blog, they should have it listed in the large real estate websites like Yahoo! Real Estate or Zillow, and they should also be taking advantage of social media sites like Facebook or Craig’s List.
If you’re agent isn’t doing any of these things, it may be time to have a conversation with them about joining the social media revolution. And if they say those things aren’t important, look for a new agent.
- Holding open houses. Now, while open houses for the general market really aren’t all that effective, broker or agent open houses can be. This is an open house for just real estate agents or brokers. This is a great opportunity to get the word out about your house to other agents that may have potential buyers for your property.Â
Yes, it takes a little bit of work to put on a good agent open house, but at the end of the day, it’s an important step in getting the word out about your home.
- Have some patience. Again, just because your home hasn’t sold within the first week of going on the market doesn’t mean it won’t sell. It just means the right buyer hasn’t come along yet. If you have a hard-working, savvy real estate agent on your side though, it’s really only a matter of time before you’ll soon be sitting at the closing table!
If you’re considering selling your Rock Hill SC or Fort Mill SC home, I’d love an opportunity to share with you all the ways I’ll market your home in order to sell it as quickly as possible and for the highest price possible.
Contact Sharon to sell your Rock Hill SC home today!
Filed under Carolina Real Estate, Hiring An Agent, Home Sellers, Marketing by
I’ve decided that since Monday’s can be such a drag sometimes, I’m going to start posting an inspirational or thought-provoking quote every Monday. This way, we can all have something to look forward to that will motivate, inspire, and lift us as we begin a new week.
I hope you enjoy the upcoming quotes as much as I know I’ll enjoy finding them and sharing them with you!
Here’s today’s quote:
“Men spend their lives in anticipations, in determining to be vastly happy at some period when they have time. But the present time has one advantage over every other – it is our own. Past opportunities are gone, future have not come. We may lay in a stock of pleasures, as we would lay in a stock of wine; but if we defer the tasting of them too long, we shall find that both are soured by age.”
- Charles Caleb Colton
Filed under Fun Stuff, Random Thoughts by
Shaun Donovan, the secretary of the US Department of Housing Development announced yesterday morning at a meeting of realtors® that FHA lenders had decided to allow home buyers to use the $8K tax credit as part of their downpayments.
These important changes, which the National Association of Realtors® has been calling for, are a step towards trying to help stabilize a struggling housing market in many parts of the country. The $8K tax credit will be monetized through short-term bridge loans through FHA approved lenders, thus allowing potenial home buyers to gain access to the funds quicker.
This is certainly welcome news for home buyers and I’m certain that home sellers will be excited to know that this added incentive has been made available to those interested in purchasing their home!
Filed under Announcements, News Reports by
This post is a bit off my normal topics of buying or selling real estate in the Rock Hill SC and Fort Mill SC area, but it has such a powerful message and I wanted to share it with my readers.
While I haven’t always been a big believer in the whole game of ‘mental mastery’, I’m slowly coming around to recognize it’s power and importance. I saw this clip this morning and thought its message was wonderful.
I hope it can urge and inspire you to dream big to go for it!
Filed under Fun Stuff, Opinions, Random Thoughts by
