When it comes time to buy a home, there are plenty of options on the market. But how do you know what kind of home you are looking for? If you’ve narrowed it down to the style of home, what types of homes should you be looking for? From foreclosures to standard sales, there are many different types of homes for sale. But which one is right for you?
This is the type of sale most people are familiar with. These sales have some equity in the home and want to sell. These types of homes are typically in demand the highest price possible for the property. The homes are in demand because instead of dealing with a large corporate bank, you deal directly with the homeowner. Most of the time, the sellers are willing to invest extra time to make sure the home is maintained and in good condition. If you are making a home purchase that is conditional on the sale of your current home, this is the only seller that may be agreeable to a contract that is contingent on the sale.
Bank owned homes are also known as foreclosures or real estate owned (REO) properties. Bank owned homes have been foreclosed on and the original owner is now out of the picture. The bank now owns the property and is listing it for sale. These homes are typically the highest in demand for those who want a good deal. After an offer is placed on the home, you will usually hear back within a week. If they accept the offer, they will have a defined timeline for closing. These homes are usually sold “as is” and you won’t get much history on the condition of the home. The only exception for this would be if small repairs are required by your lender. Banks may make small repairs if they are required by the FHA or VA loans.
This sale is often confused with bank owned properties but it is neither owned by the bank or a foreclosure. In a short sale, the original owner still holds the title of the home for less than what is owed to the lender. The homeowner is often behind on their mortgage and have suffered significant hardship that make it hard to pay their mortgage payments. They must now sell the property for less than the remaining loan balance. In order to sell for a short sale, a seller, buyer, and lender must approve of the price and agree on the shortage. Each transaction must be approved by the lenders. This could complicate and lengthen the sale of the home. Short sales are often listed below market value. Short sales typically take the longest time to close and much of the time involves negotiating with the lender or lenders to get approval for the sale. Approval is never guaranteed and if your loan is contingent on passing a home inspection, there is little chance a seller will be willing or able to make those changes.
There are many different types of homes for sale on today’s market. But with the right real estate agent, you will be able to find your new home in no time! For more information on finding your new home, call Simply Referable today!
Different Types of Homes with Simply Referable
The small team of realtors at Simply Referable is deeply focused on creating a memorable selling experience for you and your family. Each of our team members has an area of expertise, and we strive to form lasting bonds with each of our clients. We want to be your go-to realtors every time you or a friend wants to make a change. With local experience, our realtors can help you choose a house that is just the right fit for your family, now and forever. Contact us online or give us a call at 410-983-9045.