Asheville foreclosures are still popping up everywhere and the real estate market in Asheville NC is no different. There is some risk to buying a foreclosure, but many buyers feel that the reward far outweighs the risk. Typically, the more expensive the home, the more you can plan to save because the buyers get thinned out as prices approach the high end of the market.
Bank Owned Foreclosures
Bank owned homes are sold as is so perform an inspection
Banks are in the business of financing homes and not owning and maintaining them therefore once a bank takes back a property it will rarely perform any maintenance or repairs prior to getting that home sold and off the books. As a buyer you will want to hire a certified home inspector and there are many to choose from here in the Asheville NC area. Home inspections are charged on a per square foot basis so the larger the home the more that inspection will cost.
If the inspection yields issues with the home then many times the buyer is able to negotiate an even better deal on that home provided the bank does not already have multiple offers on the table for that home. Home inspectors look for problems ranging from faulty, leaky roofs to sinking foundations so it is always an excellent idea to pay for that home inspection prior to buying. Many foreclosures
are move in ready, relatively new and do not require repairs so please do your homework.
Foreclosures are not always an excellent value
Please do not assume that all bank foreclosures
can be purchased for less than market value here in the Asheville NC and surrounding areas. A banks main objective is to recoup as much of their money on a home as possible that has been returned to them through the foreclosure process. Some of these properties may have very little or no equity when the bank takes them back, therefore those sale prices may be higher than comparable, non bank owned properties in the area.
Bank owned foreclosures can be a deal for buyers
Get your realtor or broker to perform a comparative market analysis (CMA) on the home before making an offer. Information is vital when making offers on any type or age home in the real estate market. If the subject foreclosure property needs repairs or renovations then always take into account the amount of money required to perform these upgrades. Once again, if the home needs many repairs or a total renovation then maybe its not quite the bargain that you had envisioned. Many realtors or brokers have relationships with local contractors and can make recommendations if you seek hard estimates for needed repairs before you make that final offer.
Contact Green Mountain Realty
or call (828)-215-9064 with any questions or for a tour of Asheville area foreclosures