Buying an Evansville Fixer Upper

By
Real Estate Agent with F.C.TuckerEmge Realtors, LLC

These days the words “bank owned homes” have become practically synonymous with a single word: “opportunity.” With prices and mortgage rates this low, first time home buyers, investors and seasoned property owners alike are looking at a raft of buying options unlike any our town has seen in a very long time.

That option of buying a bank owned home has certainly opened a viable route for those looking to own a home at the fraction of what it cost just a few years ago. But not without a price: the best local bank owned home bargains are almost certain to fall into the ‘fixer-upper’ category.

When considering the purchase of one of our Evansville bank owned homes, I’ve found that my most successful clients have a few qualities in common:

-patience – they wait until they’ve found a house that suits all their needs

-prudence – they resist the temptation to take out too big of a loan

-realism – they know how much hard work they will be willing to put into the house

Finding the right fixer-upper should be approached as a process: in other words, never buy the first home you see until after you’ve checked out some of its competition. There are more foreclosures on the market than ever – a phenomenon that works to your advantage. When you do find the right home, make sure to take out a loan that makes sense. Often people who are in a hurry to buy a house are tempted to take out a loan without giving enough consideration to its immediate and long-term implications. Being coolly realistic as you work out the numbers will pay off for a long time.

Once a bank owned home is officially yours, the hard (often fun!) work begins. Buying a home in need of repair has always been the surest way to find a deal, but it is also the way to improve or develop home maintenance skills, bond with family members, and keep a tight rein on the family budget. Here, too, you need to be careful not to get carried away– you don’t want to overbuild or overdevelop beyond what is appropriate for the neighborhood setting. In other words, keep your end goals in mind. My advice to clients varies depending on their individual needs: Is it an income property? Or the family home for the next 15 years?

Foreclosures show no signs of slowing down in the near future, so this May’s buying market is opportune. If you’re considering buying a bank owned home in Evansville, call me today to go over your options and to put a plan into action! You can reach me on my cell phone 812-499-9234 or email Rolando@RolandoTrentini.com

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the pencil to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Location:
Indiana Vanderburgh County Evansville
Tags:
fixer upper
real estate
indiana
evansville

Comments 1 New Comment

Anonymous
Post a Comment
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the lamp to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Show All Comments
Rainer
83,125
Michael Maynard
New Neighbors Realty

something I have seen quite often near me is investors adding and spending too much on a flip, and not getting the right return for the investment.

May 17, 2012 08:08 AM
Anonymous
Post a Comment
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the woman to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Show All Comments
Rainmaker
140,742

Rolando Trentini

Ask me a question
*
*
*
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the balloons to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Additional Information