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BUYING A BARGAIN HOME

How To Identify A Desirable Distressed Property

 

It’s not easy finding a bargain property in Wilmington NC that is worthy of purchasing.There are a lot of homes out there that may be up for sale, but—for a variety of reasons—are not suitable to fix up as your own home or an investment.What makes a particular real estate distressed home a good choice?

  • Location. It’s located in a desirable neighborhood. You—or future residents—would want to live in that area.
  • Bones. It’s got great bones. There is no major structural damage to the home and remodeling is for superficial items.
  • Rehab. The fixes it needs are relatively easy and quick to complete. If the to-do list only includes carpeting/flooring, paint and clean up, it’s likely a good choice compared to one that needs new windows, roof, HVAC system, plumbing/electrical rework, etc.
  • Price. The home is priced significantly lower than comparable, surrounding homes. If it stacks up well against neighboring homes in terms of price, it’s likely priced right to allow you to invest some fix-up money into it. The key is to act fast to grab this home—before someone else does!
  • Condition. You can get a home inspection completed before the sale becomes final. If the selling situation of the property makes you forego the inspection, it might be prudent to revisit buying that home.

When you’re ready to look for a bargain home, contact us. Foreclosures, short sales, and other distressed properties are out there. The key is knowing what to look for.