Naperville Foreclosures & Short Sales can offer big benefits to buyers in the current market conditions, but it's not all a bed of roses. The up-side of buying Foreclosures/Short Sales is pretty obvious "PRICE". There is definitely a "down side" however. Let me share a few that come to mind immediately: Both Foreclosures and Short sales are usually sold in "as is" condition. Foreclosured properties are often in distressed condition as well. The banks usually "winterize" the homes, which means the utilities are turned off. This makes buyers home inspections more challenging. They take more time to inspect, because the utility bills must be brought up-to-date, utilities must be turned on for inspection at buyers expense, and then after inspection, buyer is sometimes responsible to have the home re-winterized. All in all, its a time consuming and complicated procedure. Foreclosures will have a quicker response time to contract offers than short sales which is a definite advantage. However, the banks will transfer much of the traditional seller's closing costs to the buyer at settlement, so buyers of foreclosed homes must keep that in mind when negotiating purchase price. When purchasing Short Sale properties, the utilities will usually still be turned on, which makes it a little easier for inspection. Thats a big advantage. A disadvantage however is that decisions/response to contract offers can take weeks/months to receive. During the time that buyers are waiting for a response, the home will frequently continue to be marketed. If a better offer comes in during this period before acceptance, the Bank will take the best offer and reject the other, even if you have been waiting for weeks. Every foreclosure & short sale is different. There is no Rule to follow. Each bank has it's own procedures. But, as you can see there are many factors to consider in purchasing foreclosures and short sales. Contact an experienced real estate agent to assist you when considering a bank owned or short sale property.
Contact me if you have any questions or if you would like to see available properties(in all areas).
Diann Carey 815-761-7918 (cell)
diann.carey@bairdwarner.com www.foxvalleyhomesonline.com