Is a Fixer Upper the Right Home for You?
In today’s market, the phrase “banked owned homes” is synonymous with the word: “opportunity.” With prices and mortgage rates so low, first time home buyers, investors, and seasoned property owners are looking at a wide variety of buying options – this market is unlike any market that I’ve seen here in San Diego.
The option to buy a bank owned home has certainly provided a great opportunity for those looking for a home at a fraction of what one cost just a few years ago, but not without a price. The best bank owned homes here in San Diego are often fixer uppers.
Personally, I’ve found that my most successful clients have a few traits in common:
1. They are patient – they wait until they’ve found a house that suits all their needs.
2. They are prudent – they resist the temptation to take out too big of a loan.
3. They are realistic – they know how much hard work they’re willing to put into the house.
When I work with my clients, I take them through a process. We almost never put an offer on the first home they see UNTIL they’ve checked out some of its competition. Because there are more foreclosures on the market than ever before, checking out the competition works to our advantage.
When you officially own a former bank owned home, the hard (but fun) work begins. Fixing up your new home is not only a great way to develop your maintenance skills, but also an incredible way to bond with your family.
This year, my family has enjoyed planting flowers in the front yard and citrus trees in the back yard. Fixing up our home has been a great way to get everyone involved. By this time next year…we’ll be enjoying the fruits of our labor (literally)!
Currently, foreclosures show now signs of slowing down in the near future, so if you’re looking for a great deal and are considering purchasing a bank owned home I’d love to help.