Are you in the market to buy a new home?
If you are in the market to purchase a new home and are considering using the property for an investment, there are different types of properties available. The best Burlington County real estate agents have the answers you are looking for and can help explain different options you have. For investment purposes, this guide will specifically address foreclosed and REO (real estate owned) homes.
When a homeowner is unable to continue making payments on their home loan, the bank puts the home up for sale. This type of property is a foreclosure. A bank owned home is a home the bank has taken back because owners of the property have stopped paying. You should use the best Burlington County real estate agents to assist your purchase of this home.
What are some benefits of purchasing a bank owned home?
When a home is in foreclosure you may have to work with the current homeowners. Often the homeowners have emotional attachments to these homes because they lived there or in many cases still do. This can make elongate the negotiation process. Because homeowners usually enter foreclosure unwillingly, they may be less reluctant to reach an agreement. REO homes (Real Estate Owned Home) can take the hassle out of negotiating your purchase.
When a foreclosed home fails to sell, the bank takes over the property. Bank owned homes are empty which means you get to negotiate with the bank. Banks are not emotionally invested in these properties. The best Burlington County real estate agents will help you find homes that are ready for you to take over. All that is left to do is negotiate with the bank through the best Burlington County real estate agents.
Why you need help from a Burlington County real estate agent
When you are buying any home you should contact the best Burlington County real estate agents to help you. Working with a real estate agent can ensure your investment purchase moves along quickly. We will sit down with you and discuss your options for the buying process.
Some factors of a REO property work in your favor: When a home is bank owned you will likely be able to purchase it cheaper, which is ideal for investors trying to turn a profit on their purchase. Banks would want their money so they are often wiling to reduce a home price significantly to get rid of it. The best Burlington County real estate agents will aid in offering you advice on appropriate offers for specific properties. Additionally, we can aid you with inspection documents so you know exactly what you are investing your hard-earned money in.
There is a risk associated with purchasing REO properties. Many of these homes are damaged or stripped down. We will help you see and understand any damage that the home has incurred. When you are investing in a property, you should expect that you may have to put a lot of work into repairing the place before it can be occupied. Many investors purchase this type of property specifically to repair and flip it for a profit.
Purchasing a bank owned home
Once you’ve gone through the pros and cons of specific investment properties with the best Burlington County real estate agents, you’ll be better able to understand the benefits and risks associated with purchasing an REO property. It is up to you to decide which you would prefer.
Purchasing a REO will most likely result in a less complicated process. This is a huge benefit when you find the home you want to purchase. The best Burlington County real estate agents will be there every step of the way to help you negotiate the best price to ensure you get the investment property you want without going broke.
The competition for these types of home varies. Because you may have to purchase a foreclosed property at auction, you’ll need to have as much information as possible to property gauge your bid. When you purchase a home in foreclosure or a property already owned by the bank they are sold as is. If you go into purchasing a bank owned home with an open mind and a willingness to put in a lot of elbow grease, this type of investment can yield excellent results.
It is time to make a big decision
Now that you have worked with the best Burlington County real estate agents to find the perfect bank owed home for you to flip and resell, it is time to finish things up. Once you have found the perfect property we can help you make a final offer. Our real estate experts will help you study the market, compare homes with similar square footage and amenities and help you find a fair asking price to help you have enough money to make needed improvements so you can rent out the home or sell it.
The best Burlington County real estate agent will be with you until the end. In addition to assistance with negotiations, we’ll help move the process along so you can get your investment up and running as quickly as possible. To learn more about the type of investment properties available, contact our office today.