Is Your Potential House More Trouble Than It's Worth? | RealtyPin.com
NEW YORK, Jan. 25, 2013 /PRNewswire-iReach/ -- If you're in the market for a new home, RealtyPin.com has about a million homes for sale and rent to choose from – literally! But once you've found one you like, you need to take a very close look at it. If it falls into any of these 4 circumstances, it could be more trouble than it's worth!
1. Tons of competing offers
For the past few years, the nation's housing market has been so slow that buyers have generally been able to get whatever they want – without any other buyers standing in their way. However, that's starting to change. In fact, some places are seeing serious bidding wars! So, if you're not willing to deal with a bunch of other hungry buyers throwing money at a particular home (and driving the selling price way up in the process), you probably need to move along and find another home.
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2. A short sale that the bank is moving slowly on
Unfortunately, short sales are notorious for being slow. Since the bank has to approve everything, it could take months to sort through all of the red tape, even if you and the seller are happy with all of the terms. Are you willing to wait that long? If your lease is about to end – or if you're crashing at Mom and Dad's while you search for a place of your own – you may not be.
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3. A foreclosure that needs lots of TLC
Foreclosures are typically referred to as "distressed" for a reason. Sure, you can get your hands on one for a low price, but you may need to put a lot of work into it before you can officially call it "home". If you're not willing to roll up your sleeves and grab a hammer – or pay someone to grab their hammer – you're probably better off spending more money on a home that's move-in ready.
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4. An older home that needs upgrades – but also happens to be at the top of your budget
Even if you buy a home the "old-fashioned way", it still might need some updating before you're happy with it – especially if it's a little older. However, if your potential older home sits in a charming historic neighborhood, it might also sit at the top of your budget – meaning you won't have any money left over to do that updating right away. So, are you willing to live with a few things that aren't perfect while you save up for some renovations?
In the end, only you can decide if a potential home is right for you. Even if it needs some work – or will require you to wait a little longer than what's considered to be "normal" – if that's OK with you, go ahead and enjoy!
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