Real Estate Information Archive

Blog

Displaying blog entries 1-8 of 8

Distressed Properties = Discounts and Patience Equity

by Desi Sowers

Distressed Properties: Discounts and Difficulties

Most buyers want to make sure they get a ‘good deal’ when they purchase something. Purchasers of real estate are no different. That is why many decide to buy a distressed property (a foreclosure or a short sale). The National Association of Realtors (NAR) last week reported foreclosures, on average, sell at a 22% discount and short sales at a 17% discount. It sounds like a pretty good decision to buy a property at those levels of discount.

However, the purchaser must realize that there are added obstacles in these type of transactions. Many foreclosures are left in less than pristine condition by the previous owner and some have title issues that must be corrected before they can change hands. Many short sales have multiple loans that must be negotiated before an offer is accepted by all parties to the transaction. This can take months in many cases. Purchasing a non-distressed property will probably have a lot fewer pitfalls.

“Patience Equity”

Does that mean that you shouldn’t consider a distressed property? Not necessarily. Just understand that there is an additional cost to purchasing a foreclosure or a short sale: the cost of time. For some, the 17 or 22 percent discount is well worth the extra time they must spend on the transaction. We like to call that savings your ‘patience equity’. Patience equity will require you to be patient however. Realize going into the deal that there will be obstacles to overcome and make sure you give your real estate professional time to overcome these challenges. Again, patience equity will require your patience.

Bottom Line

Buying a distressed property could make sense for you as long as you realize you will need to be VERY patient with your real estate agent throughout the process. If you are, you will own a home that has considerable equity the day you move in.

 

Written by THE KCM CREW on MARCH 25, 2011

Foreclosure with a HUGE Price Reduction

by Desi Sowers

Huge Price Reduction!

BANK FORECLOSURE - Amazing amount of living space.

Master Bedroom on main level, open floor plan with 3 large living spaces, main level laundry, three fireplaces, two decks and plenty of storage space.

Bank Needs an Offer!

Sold as-is where is, all information should be verified to purchaser's satisfaction.

New Listing - Cozy Cottage

by Desi Sowers

 

Cozy Cottage

Enjoy many recreation activities from this charming cottage located just steps away from Claytor Lake State Park and the public boat launch.

Beautiful stone fireplace covers one full wall of the living room and highlights the exposed beam ceiling. Sunlight pours into the efficient kitchen and the home office is a happy workplace!

Basement is unfinished and offers great space for workshop and storage. Many recent improvements help make this house a home!

New Listing - WOW House!!

by Desi Sowers

WOW!  Custom Built Beauty

Meticulous brick and stone home is the perfect marriage of quality and convenience.

Pristinely located at the extraordinary Pete Dye River Course of Virginia Tech, this custom built home is sure to please. From the soaring ceilings to the enormous Pella windows, to the gorgeous flooring and relaxing sunroom - it's all here to welcome you!

Master suite is secluded from the living area and boasts a private bath that is nothing short of luxuriating. The kitchen is more than efficient, it's a real show place too with custom cabinetry, granite counters and top-of-the-line appliances. Incredible amounts of storage space in the floored attic and basement areas, two garages and quality landscaping add to the appeal of this distinctive home - Come See!

MUST See before Selling!

by Desi Sowers

Believe it or not, all REALTORS are not the same!  Selling your home in todays current real estate market will not happen by chance or luck.  Please think long and hard before choosing the REALTOR who you will hire to market the largest asset you will most likely ever own...your home.

Please watch this quick presentation and I'm sure it will help you sort thru the maze of selling your home!

New Listing Home + Land = WINNER!

by Desi Sowers

Roam, Ramble and Relax!

One owner brick home is private and peaceful situated on 9.5 acres. Enjoy gleaming hardwood floors, quality wood doors and trim throughout, large closets and Anderson windows that help make this home easy on electric bills.

Recent improvements include new paint and flooring. Relax a bit in the all-season sunroom or take a dip in the swimming pool; this homes is a wonderful opportunity to own over nine acres located just minutes to VT, RU, schools, restaurants and shopping.

Take Advantage TODAY!

Don't Forget to ...........

by Desi Sowers

Spring Forward!

Clocks should be set ahead one hour - spring forward- Saturday night. The official time is 2 a.m. Sunday, local time.

Sure, it means a short night, but that hour of lost sleep will return with standard time on Nov. 6.

The federal law that established "daylight time" in the United States does not require any area to observe daylight saving time. But if a state chooses to observe DST, it must follow the starting and ending dates set by the law. From 1986 to 2006 this was the first Sunday in April to the last Sunday in October, but starting in 2007, it is observed from the second Sunday in March to the first Sunday in November, adding about a month to daylight saving time. 


Some folks don't have to worry about it. The time change is not observed by Hawaii, most of Arizona, American Samoa, Guam, Puerto Rico or the Virgin Islands.

Have a great weekend!

New Listing - 5 Bedrooms, Fabulous Yard!

by Desi Sowers

Spacious five bedroom home nestled on nearly one acre is sure to make the grade!

Lots of living space with large living room plus a family room with with a comfy fireplace.

Kitchen is loaded with cabinets and a convenient center island. Tastefully designed to accommodate everyone's needs, this home offers one-story living without sacrificing style or quality.

Come See!

Displaying blog entries 1-8 of 8

Syndication

Categories

Archives

Each Office Independently Owned and Operated