You’ve no doubt heard the expression ‘buyer beware”. It could not be more true for REOs, foreclosures, and short sales. In the past month I’ve had a number of first-time buyers come to me requesting to be shown distressed properties. Usually after meeting with them for a needs assessment, it becomes pretty clear they do not have the mental and emotional fortitude to buy a distressed property. All they can see is the possibility of getting a smokin’ deal. I cannot stress enough, to first-time buyers, what a daunting undertaking this can be. While you might indeed pay substantially less for the property, what you are giving up in return is considerable. Usually, but not always, the houses have not been well-maintained. Usually, the Seller or Bank is not going to make repairs. Usually, that means as soon as you settle on it, you’ve gotta pour more money into it. Perhaps even LOTS more money. Usually, the Buyer has to pay all the transfer tax. Usually, the Buyer has to front the cost of getting whatever use & occupancy permit is required by the township. As a first-time Buyer, do you really want all of these headaches and extra expenses? I’ve only been working with first-time buyers for 6 years, but in all that time, I’ve never once had one that truly wanted a total fixer-upper. First-timers, do yourselves a favor: buy a little less house, pay a little more money, and sleep soundly every night.
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