If you are looking for a superior deal on a new home, you may find that a Charleston bank-owned home is a serious contender. Today's real estate market includes a variety of foreclosed homes, some of whcih can be had at proces well below baseline levels.
Adding to the activity in that sector is the virtual disappearance of any degree of the stigma formerly attached to the bank-owned home market. By May of 2012, Realtor Magazine was already reporting how the rise in distressed inventories had brought about an increased appetite for the sector: Nearly 65% of buyers say they are likely to buy a foreclosure today compared to 25% who said that in October 2009. And 92% of those surveyed were interested in a bank-owned home as their primary residence, rather than as an investment vehicle.
If you think a Charleston bank-owned home could be a serious contender for your attention, you should be aware of how to best prepare for the opportunities to be had among them.
Pre-qualification not only speeds up the purchase of a Charleston bank-owned home, it also produces a concrete range for your home-buying budget. Some banks charge a fee for the credit-checking procedure, while others simply build that into the bottom line. Check out our ‘How to get pre-approved’ page for more information.
Beware Potential Property Issues
The biggest issue facing the buyer of a foreclosed home is the potential for damage to the property. If it’s been vacant for some time, issues tied to improper weatherization or pest infestation can have resulted. A bank-owned home is typically sold as-is so ordering a thorough, professional home inspection is an absolute must. Check out our ‘Vendor’ page for more information.
Buying a bank-owned home in Charleston can proceed on a different timetable than a regular home buy, so be prepared to be patient. It’s essential to have a Jeff Cook buyer’s agent on your side to help answer questions as they arise.
If you are in the market for a new home this year whether it be a bank-owned home or not the Jeff Cook Real Estate team are here to advise our clients from beginning to end.
Getting started is just a phone call away!