Buying a Home with the Galli Team
Purchasing a home is a very important decision and a big undertaking in your life. In fact, most people only choose a few homes in their lifetime. We are going to make sure that you are well equipped and armed with up-to-date information for your big decision.
The Home Buying Process
What type of home should you buy?
Not all types of properties are right for every buyer. Knowing how to approach a seller and what to expect from them when negotiating helps you, the buyer, to make an educated decision. Click the right button for you below to start searching!
In this market, some sellers are motivated and have priced their property accordingly while others remain unrealistic. Becauseof this, your Galli Team Realtor can complete a Comparative Market Analysis to ensure they are reasonably priced so you can in turn make an appropriate offer.
In the case of a short sale, the current property value is less than the balance of the mortgage, home equity loans, etc (the seller is “upside down”). Any offer that is put on the property must be approved by all lien holders. In order to qualify, sellers must show a hardship that they cannot afford to pay the difference, which subsequently also means that often they are behind on payments and in pre-foreclosure status. The list price may be below market or it may not. Typically, approval from the lien holders can take 60 – 90 days on average, plus 30 days to close after approval.
Foreclosures and REOs are abundant in this market. The majority are priced below market value and homes in good condition often receive multiple offers. Because of this competition, it is common to pay over list price to “win” the bid. Additionally, terms may be different from a traditional sale and will vary from bank to bank. Special addendums that explain these terms are provided at the time the contract is executed.
If you have a definite “move by” date, a traditional sale or foreclosure is your best bet. If you have flexibility or are an investor, a short may be an acceptable option. However, be prepared to be very patient.
