One of the many reasons people want to purchase a West Knoxville or Farragut short sale is the deeply discounted price. While some short sales are truly great bargains, other come with more problems than they are worth. In Part IV of the series, titled, “How To Buy A West Knoxville Short Sale,” we look an the importance of seeing past the discounted price tag and making sure the home is truly a good investment. To help you see beyond the bargain, here are a few things to consider when purchasing a West Knoxville or Farragut short sale.
The biggest thing to consider is whether or not the short sale is truly a great bargain. Sometimes, buyers can become so fixated on what a bargain a home is, they can forget to consider what work will need to be done to improve the home. Talk to your agent about how other properties compare. An experienced agent will be able to let you know what other comparable homes are selling for in the area.
Next, it is important to weigh what the repairs will cost you. While the short sale you are purchasing may be priced below comparable homes market value, it is also important to consider what will need to be done to the home. A home inspection will help reveal and potential issues. Consider getting estimates on repairs from a few different people to get an idea of what they will cost you. This will help give you perspective on whether or not the home is truly a good bargain. With the cost of the home plus the cost of repairs, do you end up better off or worse off than buying a non-short sale home?
In addition to considering the cost of repairs, as a buyer, you must also consider if it is something you want to take on. Some buyers seek a home that is move-in ready while other buyers have the time, ability, and patience to make repairs. West Knoxville and Farragut short sales can be great bargains if you have the time and patience for them. It is just important that you see past the price tag and consider what the home will ultimately cost you.
Are you considering buying a West Knoxville or Farragut short sale? If so, please do not hesitate to give Knoxville Home Team a call. Rick can be contacted at 865-696-9002 or via email at [email protected]. Kati can be reached at 865-696-1888 of via email at [email protected]. Knoxville Home Team has successfully negotiated many short sales as well as helped guide many buyers through the process, we’d be more than happy to help you find the right bargain for you! In Part V of this series, we will give a few final tips to help you see the short sale process through.