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Finding Good Deals on Homes

by elizabetheugenio on October 4, 2009

We often hear from our buyers: “Find me a good deal”.  What is a good deal?

When you buy a home in foreclosure, you are buying it “As Is”.  There are no disclosures so it is up to you to do your due diligence in determining the value of the home based on condition.

Banks require several Broker Price Opinion to determine the selling price they will put it on the market. Price is adjusted based on condition and the amount of work needed in order to bring up the home to today’s living standards.  Banks want to maximize the price in order to limit their loss.  If you are going to do the repairs yourself and have the know how, then buying a home that needs work may be a good deal.  Your agent can provide you the information about recent sales in the area in order to determine if it is still a “good deal”.  Most bank owned homes are sold in a day or two above listed price.  How high you want to offer should be carefully thought of.

Home prices have been at it’s lowest since 2002.  If you plan to stay in the home for several years, what you buy now will be a good deal several years later when the market goes back up.  After all, it’s only a paper gain or a paper loss until you sell your home.  Additionally, don’t forget to take into consideration the tax write off you will gain when you purchase the home.

If you would like to know the value of a home you own or would like to own, send me an email and we will be happy to provide you that information.

Good luck with your home buying!  Now is the best time to own real estate and live in your dream home.

Elizabeth M. Eugenio

(909) 376-8615

Century 21 Superstars

DRE# 01126934

www.ChinoHillsCARealEstate.com, www.TheChinoHillsMLS.com

Article by Elizabeth Eugenio

Since 1991, I have served the residents of Chino Hills and surrounding cities. Providing exceptional customer service has been my top priority earning me referral and repeat business from family, friends, associates and past clients. The advanced training in finance, marketing and technology I received as a Certified Residential Specialist (CRS) designee provides you better representation making the buying and selling process a more profitable and easier experience. Only 4 % of Realtors in the nation has earned this designation. Short Sale and Foreclosure Resource (SFR) is the only designation recognized by the National Association of Realtor for short sale and foreclosures. This designation and the (CDPE) Certified Distressed Property Expert has allows me to better assist you as a buyer on your purchase of these properties and as a homeowner experiencing financial hardship avoid foreclosure. Additionally, the Seniors Real Estate Specialist (SRES) designation has helped me serve the special needs of the 55 years and better population by making the process easier and help keep more of your r money when you move. Contact me for all your real estate needs and you can count on me to provide you better representation and make sure you have an easier and smoother transaction. I can be reached at (909) 376-8615 or at: Elizabeth@HomesByLiz.info.

Elizabeth has written 27 articles on this blog.

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