Vacant Homes Can be a Good Deal, but Maybe Not.
Even with covid-19, the real estate market is lacking inventory: Buyers are still out looking to purchase! The result is still multiple-offer situations for many listings. Prices are still pushing upwards. Do your research about the history of the property. Sometimes it's difficult to get reliable information on how long a property has been vacant and just because it is vacant does not mean that the seller is desperate to sell. A good tidbit is to just ask the neighbors - they usually like to spill the beans on what they know. A good real estate agent will be able to look up the property's previous listings, prices, pictures and may be able to call previous listing agents for information and possibly previous buyer agents to get home inspection information. If you make an offer and go under contract, make sure to get your own home inspection.If it is a vacant foreclosure you may be required to pay for and turn on the utilities for your inspection. Make sure you review reliable comparable and keep a very good list of repairs to be made to create a budget. Keep in mind the days of foreclosures and vacant homes being great deals are gone. But they still could be good deals.
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